A 1993 saw shouldn't need bearings.
The rust and dirt means nothing. Bar Keepers Friend will clean it up.
$1,200 is too much.
Never, under any circumstances, consume a laxative and sleeping pill, on the same night
I think my '93 PM66 is pretty nice. It is the two belt drive system vs the three belt. The fit and finish is excellent. It cuts like a dream. It has the 3 hp single phase motor. I only paid $1,000 with a nice surround table. I did replace the fence with a Delta UniFence. It is fitted with an Exactor sliding table and overarm blade guard. I run Ridge Carbide blades, but also have Forrest and others. To answer you question, I would say that because it was in great condition when I bought it, that I would have to say that this particular saw is as good as the older ones.
A long and slightly disjointed answer.
Cpeter
I went looking for the saw on ebay, and found the entry "terminated by user due to error", or some such. I clicked on the photo and got a screen of Powermatic equipment for sale - mostly 66 saws. THere is one there for $500... GRAB IT!!!!! It's got the extension wing, the original PM fence, and is on the mobile base. If I had room for it I wouldn't be writing this...