The 121 pass thru 3D on the video side, The 121 is offered as a lesser priced MX151 where as the the 120 really was closer to the MX136. So I think over all the 121 would be a better performer on surround calibration.
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I replaced my MX120 with a MX121. I didn't notice much of a sonic difference between the 2 units, but I do like that I can go HDMI from my cable box into the MX121. With the MX120 I went HDMI for the video connection direct into my TV monitor and COAX from the cable box into the MX120. I do like having a newer unit. I only use it for watching TV in 5.1 and think it works and sounds excellent. I really preferred both units over my old Marantz pre pro.