Of course it remains to be seen how the camera feels in the hand and what the images look like. Still, based on early reports regarding the build quality, the viewfinder, and the overall performance of the camera, I think it is just about right. At $1000 I thought it was surprisingly inexpensive, so the $1200 price point feels about right. For $800 more you can get a similar Leica camera with no viewfinder, a slower lens, a worse LCD screen, and worse (to me, largely due to the placement of the aperture dial) ergonomics. Still, I don't recall seeing as much sound and fury over the X1 pricing.
The nearest downstream competitors also reinforce the fact that the X100 is well-priced. The Sigma cameras are a mess in terms of performance. The ergonomics of the NEX cameras are atrocious, and they lack viewfinders. Ditto the GF series cameras, which have better ergonomics but suffer in terms of image quality. The Olympus Pen series might be the best point of comparison, but even those suffer from ergonomic problems, and when coupled with the EVF and a 17 or 20mm prime cost nearly as much as the X100.
Interchangable lenses aside, I can't think of a single thing this camera appears to be doing wrong. It has a bright optical viewfinder (from early reports), a fast lens in a popular focal length, focuses extremely closely, is built to last (again based on early reports) and is rather attractive looking. It just feels like a camera that's meant to be carried around with you all the time. It feels like a thing that'll be kept for years and years. At least to me it does.
But like I said up top... until we get to hold one and shoot with one, there's no way to be sure.