Howdy Mike,
Hmmmm....... well.... I've got the 120P, and while I do enjoy having the extra output when I want it, I rarely use anything above the 60 lumen setting. In fact, one of the main features of the light I find myself using most is the wonderfully large number of extreme low levels.
I mean, seriously, the first 8 levels are all under 1 lumen, ha..... and the beautiful logarithmic way the light steps up or down assures that there is a distinct and precise visual change between each level.
Heck, the first 15 levels on this light are all 10 lumens or under, and I've found the ability to adjust those low light levels, on the go, helps me navigate better in situations where I prefer to keep my night adapted vision in tact. And of course, all the while, momentary max output is only one brief press of the button away. Even coooooler is that you can select what you want that momentary max output to be, maybe only 30 lumens!
Then of course, you still get the ability to totally customize the user interface exactly the way you want it... and you can change your mind about that as often as you like!
So, you get all that..... and you saved $40. Sounds pretty smart to me.