Hi mate, looks about right however it is more how smooth it feels whilst wet that matters most. If you felt any slightly rough bits you may need to delicately go back over them again. Be careful as 1200 strips lots of finish off very quickly and you can easily end up stripping stain coats too.
You now have a good base to apply next 3 or 4 full strength coats before doing same with 1500 grit.
On my latest ES1 build i have done 1 x 1200 & 2 x 1500 wet sandings and will probably do the first of a few at 2000 tonight.
The aim is to smooth things off and not strip too much off. Obvious blemishes such as runs need to be sanded out otherwise they will be visible later on.
Cheers,Waz

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