Just how good is the Technics SL-1200?

The Technics (particularly the M5G or Mk. 6) is a superb turntable all the way around...the secret is to put a top class MM cartridge on it, and it will reward you with many hours of happy listening.

A KAB USA modded SL-1200 with a Dynavector 17D3 is a killer turntable. The ultimate would be with a stock Shure V15VxMR cartridge, but they've long been discontinued and the JICO SAS replacement styli changes (brightens) the sound dramatically. The Audio Technica AT150MLX is also an excellent cart for it but is too bright at 47kΩ. I use all 3 carts on mine.

For speed stability, ease of use, and reliability the SL1200 is incredible. Get some mods done (fluid damper, new wire, and power supply) and I doubt you'll find a significantly better sounding table. I actually find no fault with the stock arm as long as it has upgraded wire and the KAB fluid damper. There is an ideal amount of "play" in the headshell for azimuth adjustment (if you need more, there's something wrong with your cartridge). There's repeatable VTA adjustment. The VTF and anti-skate adjustments are extremely accurate and reliable. Being able to swap headshells is invaluable (especially for mono and 78 RPM carts). I've had two other "high end" belt drive tables, and I'm never going back. Did many needle drop comparisons with the same cart and phono stage. Zero difference in audio quality. However, the Technics speed stability was better, was quieter, and tracked better! It's just not very pretty compared to other turntables. Don't judge it's performance on aesthetics. I have a fully modded KAB SL-1210M5G. Set up with a Mint LP Best Tractor. EAR 324 Phono Stage.

Exactly. You nailed it. But, I really don't need the mods, personally speaking. The 1210MG5 sounds good as is too me. I also don't find the AT150mLX to be too bright @ 47k. It really depends on the record. Actually some records sound rather dull...

Anyone with a 1200 should look at this site: http://www.mikenewaudio.com/bearing.php

The link I posted is for the new bearing! Between that and the new platter I suspect this would make a really nice machine!