I got a ring. To this day, I wear it every day when I am outside of my home (don't wear any rings, including wedding ring, at home). Always wanted one and have always worn it as a personal reminder of the accomplishment of making it through USNA at a time when 25% overall and 35% of women didn't graduate.
I never cared what other people thought about my wearing it. I saw folks wear rings from civilian universities, wear wedding rings, wear no rings. Personal preference and had no bearing on how I viewed them. Their actions were what counted, not what they wore on their fingers.
I realize $1200 seems like a lot of money for a mid. However, in a few short months, they will be earning ~$60k per year (including housing allowance). And, when you amortize it over the 60+ years you'll wear it . . . well, they're probably spending $20k+ on a car they'll drive for 4-5 years max.
I don't understand the concept of a "combat ring" especially in addition to a "traditional ring." Maybe b/c we didn't have them in our day. I guess I can see someone who wants a cheap ring doing it. But why you'd buy two rings is beyond me. If it's not a good idea to wear your regular ring (real combat, situation where it could be stolen or damaged), just don't wear a ring period.
I think every 2/C should do what he/she wants and can afford. However, as parents, it might help to remind them that life is a LONG journey. Yeah, they could get a ring later, but they probably won't (the example above being an exception).
[As an aside, in our day, if you didn't want to order a ring, you had to go visit the Dant and explain your choice. Not many made that trip.
You also could charge your ring to your Mid account in our day (and didn't get your leftover money until graduation) so no cash up front was required.]