That's circa early to mid 1980s. Sort of a dinasour, depth-wise, compared to what's out there today. But for the price you paid, it's about right. Will still work when targets are prolific. But sure, if you're in a hard-hit site, where power-house machines have worked it hard already, then no, you're not going to trump them with this machine.
The 1266 has it's drawbacks too anyhow. Even thought it's infinately deeper-seeking, it's fails in mineralized ground. And the disc. is all but worthless after the first 5 or 6" (esp. in any ground that isn't white clean sand anyhow). So the 1260 is still ok, when compared to the 1266, for some hunt sites and purposes.