Indeed, thinking about a modern Commodore...The concept of an all-in-one type computer/game machine solution might have held interest into the 90s, since Macs tend to be so expensive and PCs fit for gaming are both expensive and complex. If the 1200 had been better specced, they might have pushed it as a "working man's computer" or some such, showing how it was essentially a game console, video/photo editing, and a computer for the price of one. Heck, just having video outs could have made a difference. But still, that's a low end type of market, and it's not like others haven't tried to push similar things.
Nowadays it's just unthinkable when you can buy a decent PC for $300 or less. You really have to stretch your imagination to think of what the equivalent of an Amiga 1000 release would be like today. It'd have to make the current graphics technology of consoles and gaming rigs look pathetic. It'd have to have some amazing and instantly useful new ability (multitasking) that the others simply lacked. On top of all that, it'd have to have the power of a brand that hadn't sullied itself. Oh--and it'd have to be cheaper than a Mac or a PC.
Even with all that, it'd just be another slow death if the innovations didn't keep coming.