First of all, they may look the same but they are two completely different knives. The 1247 is shorter and thinner and the 1278 is beastly close to a quarter inch thick and a bit shy of 7" IIRC. The 1278 is going to work well as a camp knife, chopping, hacking, and even a bit of digging if need be. That's why it is at a lower hardness, so the blade can "give" more without chipping or breaking. Consequently the lower hardness means it won't hold an edge as well but overall it's a much tougher knife. The 1247 was discontinued in part because people were treating them like choppers and they were breaking and replacing them cut into profits. The 1278 was designed in response to the request to bring back the warthog and around the type of use the original got put through.
If you can find a 1247, they're not super rare or anything but they are kinda sought after. Haven't priced one in a while but a user is about $50 or so and a LNIB can be three times that or so I think. The 1278 is in current production and run like $50-60.
On another note, the heft and balance of the Ontario SP46 kinda feels like the 1247 IMHO. Doesn't have the cools looks but feels similar and is more capable as well as being in production.
