I'm not saying the 12wx has the best display in the world, it's definitely a dumbed down version of what you would get with one of the bigger Cintiq displays, but that's what happens with the price and portability. It's significantly less than one of the bigger displays. Don't get me wrong, I think some of the Wacom stuff is a bit pricey, but break it down by the components involved. The 12wx is basically a tablet mounted behind a screen. For the size, the tablet would run you around $350. Factor in the screen aspect, and you can tack on another $300 to $350. This puts you around $700, just from the basic idea of buying the components separately. Then, think of manufacturing, the idea of being able to put these things together, with the cords, the box they route to with the settings buttons, the hot keys and sliders, so on and so forth, I really don't think $1,000 is that unreasonable.
Like I said, the screen isn't the best in the world, but for a econo-version of the bigger Cintiqs, I think it's absolutely fine and I haven't had any problems when it comes to painting with it. Sometimes the colors are a little off, or the contrast needs to be tweaked every so often, but you shouldn't be using the Cintiq to gauge a final product anyway, at least not the 12wx. I always do my final contrast/color tweaks on my main monitor, and anyone who does it otherwise just isn't thinking properly.
It goes without saying that one should purchase the bigger Cintiq if they can afford it, unless they need one portable for some reason. There's a reason it's smaller and priced lower. It's not a bad product, I absolutely love it, but of course minor sacrifices need to be made to be able to market at a price that's more widely available to artists and designers. I can think of at least a dozen people that simply cannot afford the bigger Cintiq, and for what it does, the 12wx is fine. If you asked me to give it a rating of 1 to 10, I'd still give it a 9 because it's benefits and quality outweigh the tiny list of nitpicky negatives.
And no, I don't use Painter, I'm all Photoshop.