I don't own an SMP1200 but am also interested in its performance in low-light conditions. I personally don't think the minute hand will be easy to see, based on what I've experienced.
As for sapphire bezels, I've worn my Ocean7 LM-7 diving and otherwise beat the heck out of it. The case has collected some significant wear marks, but the bezel is pristine. When it first arrived (Dec 2008) there was a pinpoint air bubble under the sapphire. With wear and multiple compression/decompression cycles it has grown in size, but hasn't affected legibility or function, so I'm leaving it.
Brand new:
Diving in WA, May '09 (void near 24'):
Dec 2009:

I can't say that this will hold true for the Omega bezels, but I would think durability would be similar. It certainly will be better than the older SMP600 bezels which tended to flood, separate, chip and delaminate.