well im learning like yourself so not really played on it yet (im that bad yes) but the guy i got it off fired it up when he dropped it off with my prs and it sounded very clean and crisp when set to the boutique cl pre set.
and yes 120 means 120 watts. its got 2x12" 60 watt speakers in it, but thankfully it has pre sets for amp power at 60,30,15 and 1 watt. so no need to blast the windows out straight away lol.