New data are presented of the post-common-envelope binary VW Pyx and its associated planetary nebula (PN), K 1-2. The central star is found to be a single-lined (and possibly double-lined) spectroscopic binary and is a good candidate for a system in which the main-sequence secondary star is more massive than the subdwarf primary star. The old PN has a high excitation level and a measured electron temperature, TO~ 17 000 K for an assumed log ne= 2.7 cm-3. The so-called `jets' are found to be lower-ionization regions with TN~ 11 000 K and TO~ 16 000 K with log ne~ 2.5 cm-3 and with low, but fairly typical, PN abundances. We discuss possible histories for K 1-2 and the jets. However, there are still many unknowns in the study of accretion and jet formation for such PN binary central stars.