If all you can spend is $1200and you want a new bow fully set upwith release, arrows and such. I would look at the middle of the range bows, such as the Fred Bear, Martins, Diamond, Reflex,and Mission.The reason I say this is any top of the line bows from the big 3, and your looking at$750 or around there just for the bare bow. On top of that add a sight, rest, quiver, stabilizer, wrist sling, bow sling, a dozen good quality arrows and release, well I bet your over $1200 with a tax. Of course it just depends on which equipment you buy. The options are endless

Example

Bows $300- $850 (bow only)

Sight, $80-$160 IMO this is one area you don't want togo cheap, get a good quality Fiber Optic with metal pins and wraps. I don't think you'll find much for under $80, and they can run as high as $160 for a excellent one such as Spot Hog.

Rest, $60-$110 Good quality fall away rests, such as Trophy Taker, Limb Driver, Rip Cordarejust a fewof the many that are on the market today. Over all they cost a bit more money, but are worth every penny because they help the average archer shoot better. IMO the saying you get what you pay for is 100% true when it comes to rests.

Quivers, $30-$100 Again I don't like going cheap when it comes to accessories, IMOplan on spending around $50 for good quality. My Mathews quivers cost $95, but they are rock solid.

Stabilizers, $20-$80 for most hunting type stabilizers. Here is one place you can save money, because IMO a $20can beas good as a $80 stabilizer for most hunting set ups. I realy like the Limb saver system, and they run on the high end. A $20 S-coil is good too, but so is a $40 doinker, or a $60 stealth.My advice is to pick out your bow first then find a stabilizer that balances well with your bow already set up.

Wrist Sling, $10-$15 (a must have if you already don't use one)

Mis, $10-$30 for items such as D-Loop, peep, string silencersand limb savers type products.

Bow Sling, $20-$30 I realy like Primos becuae it protects the string and limbs, but others such as Blacks Creek gear guide are a excellent choice too.

Arrows, $50 to $150 per dozen. I am realy liking the Axis Full metal Jacket with quick spins, out of our shop they cost $140 set up like that. On the other end we sell easton carbon storm for $52 per dozen.

Release, $30 -$150, too many to mention, find one that fits you and becomes a extension of your hand. A releasecan help make or break accuracy.

Bow Case?$40 on upIf you spendthis moneyon a new set up you just might want a nice case to protect your investment, unless you already have a case that works. Just from working part time in a Pro shop I would be willing to bet a lot of archers don't have bow cases. This is one area that tends to get overlooked.

As you can see, if you went high end, $1200 is not nearly enough, heck its easy to top the $2000 mark with high end fully set up rigs. But on the other hand you can get less expensive middle of the road equipmen for a lot less money and you can keep it below your $1200 limit.
The bottom line is the options are endless, and only you can realy know what you want. I agree with Davidmill, we can all sit here and blab at you but until you go around to a few pro shops and shoot different bow you will have no idea what you realy want.