For 1000 yard competition it would be a good one. I have a 8x32 Nightforce I use for hunting and competition. If I were getting a Nightforce for long range hunting I would get the 5.5x22 you get 100 MOA of elevation that is over 2x more than the 12x42.
42and 32x sounds real inviteing till you find out ya cant use it most of the time
Mirage realy starts to bother past 20x and the R2 reticle is dialed for 22x so as others have said the 5-22NSX does everything you need and has twice the elivation of the br's.
Thats why you see so many of the br's for sale,that and people dont realize it only cost $80 to change the reticle if you dont like the one the scope has.
The new 35mm IOR 6-24 will beat the NFbr for MOA adjustment,glass,repeatability and cost less to boot...I no longer have the pair of NFbr's(8-32 and 12-42)If you can pick them up for less than $800 with the reticle you want they are good scopes,they have thier limitations though.