A Sony Walkman is a device made mainly for audiophiles who take their hobby more serious than most other people. Its biggest difference to a smart hone is way better sound quality. If you are really serious about audio and if you have the right headphones, then trust me, it will be worth it.
I am not aware that walkmans are still made. I thought they went out with the tape cassette. Everyone has ipods, tablets and smartphones now. Regardless, I know I still buy physical CDs and I would never pay in the 4 digits for a player. That is just completely beyond ridiculous.
These days, with pretty decent quality MP3 support coming standard in nearly all smartphones, Sony is really reaching with their new walkman product. Sure, it supports extremely high quality music files and the battery life is pretty off the charts, but its other features such as being able to connect to audio devices wirelessly are also becoming commonly supported on smart phones. I doubt many people will buy this product.
You can get the same functions off an I phone. You just have to know where to look. According to Business Insider the quality from sites like Spotify. This device as been compared to what an android can do. It is viewed not as something you can take for working out but its more something to show off. Also these devices change in one to two years.
There is nothing about the new Sony Walkman that justifies the $1200 price tag. It's a Walkman, which have been around for decades, and the new Sony version doesn't do anything differently than any other Walkman did. There are many other options for a consumer besides such an extravagant and expensive purchase.