I've got 8 of them that I use and they're pretty bullet-proof. I rarely hear complaints about the sound, quite contrarily I receive many compliments. The rat fur can get pretty ugly but you can't beat the efficiency for a passive box. Al's right about being enough room on the input plate for a pair of NL4's, but just barely leaving enough room to get you finger in to unlock the cable. Make sure you position the NL4 in such a way that the lock is facing the open area of the plate when it's in the locked position.
I recently was torn between upgrading to something a little newer and nicer looking or just fixing up the old 1202's. I opted to fix them up. There isn't a wedge on the market that I know of in the price range that can touch them. They do need some EQ to keep the feedback from escaping , though. I ripped the rat fur off, recessed the handle (easier for stacking) and put another one on the other side, put a recessed NL4 input on each side, replaced the crossovers with SX300 crossovers (much more of a crispy top end) and replaced the woofers with the DL12BFH (qrx series) which are lighter and sound smoother, at the expense of some efficiency. Here is a pic of the result...