Definitely not worth $3000! Its a very limited machine. Fortunately it is very easy to learn. The interface pretty much charts out and tells you what to punch in for all the functions. The challenge is working within its limits! If you're just beginning then its up to you, you have to be willing to put up and work with the limits. It is a very frustrating machine (esp. if its your only piece). Don't expect to sample long phrases or 4 bar loops. Think short stabs and hits. If you have the discipline and work at it like a madman it will probably make you a better beatmaker in the long run.

But it is an outdated machine and you can get a better starter machine for the same price or cheaper that will be easier to work with and give you more mileage if you wanna compete with the music that gets put out today. Even Pete Rock added an MPC 2000XL to his set-up. Like someone said its better as an add-on (if you got the bread) to an already existing set-up.

Midi is a universal standard so all midi gear will be able to communicate with each other.

If its your first piece of gear then I'd also rather go for a an MPC 60 over the SP1200 in terms of a stand-alone sequencer + 12-bit sampler piece. But the sampler definitely sounds nicer on the SP. Also check out the Ensoniq EPS (very slept on and alot cheaper than the 60 and SP) the sampler is awesome. You can adjust the sampling rate to make your samples even dirtier. Its also very versatile as a midi keyboard.