Well, I did 1200-1400 calories for months to get to my goal with no ill effects, but I'm female, 5'2", and 43 years old. It's hard to say if it's healthy and do-able for you not knowing your stats.
However, one of our weight loss stars, Michael, sticks to 1500 calories a day, and he's had great success. Also, they say a 1-2 pound loss per week is safe and sustainable, and 1000 calories deficient will get you that. So my initial impression is to say give it a try, but be prepared to tweak it if you find it's not working for you.
"If you drop an egg, you don't say, 'Oh, shoot' and drop the other 11, do you?"
-Source unknown, but obviously brilliant
Reached goal 4/16/2010...but kind of afraid to look these days