Yes; I have one on my "AK" (SAR-1). Mine is the EKP-8-02 model (Gen 2), which has an integral siderail mount but is otherwise identical to the AR version.
Photos and some discussion here:
http://www.thehighroad.org/showthread.php?t=249285
Some "through the optic" photos I took are in that thread as well, although the photo quality isn't great. The reticles look sort of white in those photos, but only because they saturated the camera's CCD; they are actually red.
The sight is very well made, rugged, and robust. The adjustment markings are in Russian, but the manual is in English and is very thorough. Quality is superb.
In my opinion, the
only downside of this Kobra at all is that the battery life is only 70 hours or so, and while the batteries are inexpensive (Panasonic coin cells, around $20 per 10 on Ebay), Radio Shack may not stock them (I ordered a sheet of CR2330's from a guy on Ebay, so I'm all set).
Peter Kokalis discusses the Gen 2 Kobra a bit in this article:
http://www.arsenalinc.com/BulgarianAK.pdf
He says that the following 3-volt CR series batteries can be used to power the Kobra EKP-8-02: 2325, 2330, 2335, 2340, and 2345.
All in all, I think the Kobra is an excellent sight, and is an excellent value for the money.