I agree that the 24" width of the 120 makes things a lot easier to aquascape as opposed to the 18" width of the 125. You can be a lot more creative. I wish I had the 24" width instead of the 18" that I have on my 75. Keep in mind also that, if you go with the longer 72" tank, and intend on lighting it with halides you will need 3 of them instead of 2 with a 48" tank.
What type of fish do you plan on keeping? Active fish like tangs would really enjoy the 72" length to wander your reefscape. This may be something to consider when deciding.