I purchased a brand new SPAS-12 back around the 1985 or '86 time frame. I think I paid about $450 for it. I have enjoyed it immensely, and it has never given me any problems.
Mine has the old style, problematic safety. It's never caused any problem for me...but then, I don't make a habit of pulling the trigger when the safety is engaged (if memory serves me correctly, the problem encountered was if someone would pull the trigger with the "carry" safety [as opposed to the "combat" safety] applied, the gun would sometimes then discharge when the safety was disengaged), and to be honest, I rarely ever used the "carry" safety, because it was a bit cumbersome, and seemed to me to be redundant and generally unneccessary.
Mine has functioned very well...keeping in mind that when using lower powered shells, it will likely not function in semi-auto mode, and you will need to change to pump mode.
Here's how I'd rate it:
Pros: Very reliable in SA with buckshot and slugs
Very controllable with little recoil
Excellent folding stock, reasonably compact
Can be fired one-handed around corners w/the stock "hook"
Works adequately well as a pump with lower power shells
Excellent sights w/"ghost ring" rear
Very accurate
Very high "cool" factor (be the first kid on your block to own one!)
The Terminator carried one!!! What more does one need to know?
Cons: Very high price, these days
Quite a heavy piece. A bit of a brick, actually
Complex manual of arms. Lots of buttons/switches/levers
Due to overly large forearm, somewhat cumbersome to pump
Later examples (full-stocked versions, I believe) are rumored to have suffered from poor metallurgy
Almost nonexistent accessories or replacement parts
Some models require 2 separate button "pushes" to deploy stock
So, how do I feel about it, overall? I like mine, I'm glad I own it. I'm particularly glad that I only paid $450 for it. It has a very high "cool" and "gee-whiz" factor when I uncase it around others.
But, if I were looking for a "working" shotgun today, I believe I'd look elsewhere. Between its heavy weight, its safety issues (I haven't had any problem...but it's definitely a known issue, not just an internet rumor), its overly complex operation, its slow cycling in pump mode (unless you have hands/arms like a gorilla), its lack of aftermarket support and/or parts availablility, and finally, its high price...there are better choices out there.
If the SHTF tomorrow, and I wanted to grab a shotgun and go (which I wouldn't, because I'm not really that big a fan of shotguns...ammo is too big, bulky, and heavy...range too limited), I'd grab my pump action Remington 870 over my SPAS...the 870 is lighter, carries the same number of rounds (with extended tube), is easier to reload/operate, would be easier to fix if something broke, and in the long run, is more reliable.
That having been said...if it's something you've wanted forever (which you seem to indicate is the case), and the price is right...why not go for it? One thing, I wouldn't want to buy one without the aforementioned "hook". I realize it is seldom (if ever) used, except perhaps as a carry handle when the stock is folded, but, to me, it just isn't complete without this accessory. However, if he happens to have the "shot diverter" choke...well, they're very hard to find!
Good luck!
Tim