Those advertised 1200 fps velocities happen only with the lightest pellets you can buy, the ones that aren't made out of lead.
If it doesn't make a cracking sound like a .22LR bullet does when you shoot it, it's not going 1200 fps.
...anyway.. I recently bought a Gamo Hornet for around a hundred bucks, including a scope. I have tried a couple of different pellet types, and have come to the conclusion that each rifle is different as to which pellet type it likes. I shot this group across my back yard, probably about 15 yards or so.
I understand you don't expect to get the best groups until you've put 500-1000 pellets through the rifle.
I've been really pleased with it, so far. Now I just need to figure out how to get the grackles to come back around the house.