J,
The 120 that is 30" deep might be as little as 18" wide - personally, I hate that dimension as it leaves little room for aquascaping as well as creating a comfortable living place for your inhabitants - not to mention, you have to have arms like Kareem Abdul Jabar to reach the bottom :smile:
I personally prefer the 24" deep and 24" wide dimension - length is to your desire.
As for lighting, Chris is right in his note - you have to give us a starting point to understand what you may need to do tank wise if you don't plan on upgrading your lights - keeping in mind that upgrades typically mean across the board, lighting included.
Let us know what you have, or plan on getting and we can better help you with maximum depth recommendations that can guide you in tank choice.
House