That's up to you. I still think $800-900 tops (including shipping) would be fair. I can build a faster quad core i7 4c/8t with a 4790k and a gtx 970 with 4gb of vram vs 2gb (since vram doesn't stack) for $1200 minus the os. Including 16gb of ddr3 1866. If wear and tear on parts and no warranty is worth saving a few dollars then I guess it's worth it, but hard to say.
If it were me, I'm looking at what it would cost me to put a system together vs this build at that price. For roughly the same price I could have all brand new parts. That means no wear and tear on the hard drive, no wear and tear on the aio (who's to say the pump won't give out in 6mo) and so on. Plus warranties on everything. If I put together a brand new system and in 4mo the motherboard decides to go on the fritz I simply rma it. If that motherboard goes out, I'm stuck buying a new lga2011 motherboard. That alone will end up costing me any savings I might have gotten. The gpu's are alright, in the day the were top end. Those are 680's though, not 780's, not 980's. It's a quickly aging system and it's losing value.
The person with the ad is listing what they paid for it new which is irrelevant. Trying to show what a bargain it is, which it may have been had the system still been brand new. It's not. A black and white t.v. with built in vcr cost a decent sum back when it was new on the shelves, would you pay more than $50 for it now? Probably not. Alienware is known for charging folks for a premium, they sell based on the brand and the fact it can be tweaked prior to shipment padding the cost with lots of 'extras' which may or may not hold a lot of value.
Parts of the system are still decent like the cpu, many of the parts have wear and tear (it's not uncommon for mechanical drives and aio's to die after awhile, they're moving parts), power supplies age, the graphics cards are more or less middle of the road by today's standards. Some of the sales pitch includes 'water cooled', however it's evident from the pics that this isn't some high dollar high performance custom water cooling. It's a single radiator aio cooler like an h60/h75/h80i and can be had new for around $60-70. I think it's a bit of a risk spending that much money on a used system when something equal in performance can be had for roughly the same price as even the 'reduced' price they offered you. Hard to say if it's worth it, worth has a different meaning to different people. I would be more comfortable at $1000 flat including shipping, tops. Maybe others will weigh in with their opinions.
$1200 isn't so great of a deal you're missing out, if the seller says no deal you can literally turn right around and build a system with equal or better performance with brand new parts and warranties in tact for the same price. That's a point of contention which makes their current price difficult to say 'yea, it's a good deal'. It's hard to say since the 680's are similar to the 970's, in sli 2x 970's equate roughly to a 980ti in many case. The issue is the vram, those 680's are stuck at 2gb, the 970's in sli would have 4gb, the 980ti has 6gb. Just a sign of premium cards still holding their own mostly and yet showing their age at the same time. It makes sense, you could sli the newer 970's for about the same price as a 980ti except the 980ti has more vram and no headaches regarding sli. Some newer games want more vram and the older cards just don't have it. They were great cards 3, 3 1/2 years ago when they came out.