Overall, I really like him. Nice petite QH head and huge hip with a broad chest. His legs are nice and straight and he looks to have good feet (from what I can tell). If you are looking at him seriously, I would ask to have him tested for HYPP during the PPE. The fact that he has Impressive in his bloodlines makes that a possibility. If he is negative though, I would go for it. He is a stunning colt.
Very cute little thing. And $1200 doesn't look bad at all to me (I consider he has basic ground skills like leading, brushing, farrier). I'm not so sure he still has to stay as stud, but he'll be show stopper gelding for sure in ring.