The AW120 is very similar with the following differences.
Improvements:
-----------------------
* Wide-angle lens. Finally, it is very light, but it will place more elements of the scene in the frame. Suitable for this type of device designed for fun, tourism. Therefore, the zoom range is shorter, but it's hardly noticeable.
* Objective brighter. So lets take pictures with lower light. The previous was already good, it is still improving. It is true that the AW110, at sunset, we might soon a blur, here is better.
* Watertight door for the battery and memory card that seems a little more solid. Or is it an impression? Anyway it's still improving. Do not expect to actually go snorkeling with, it is mainly for the beach, pool, rain, ...
The NEW defects:
--------------------------------
* The zoom gets noisy !! But why ???? Please consider every new model has to bring its share of regressions? Is the Nikon engineers could not simply let the silent zoom like on the AW110? I had a long time of searching and listen to videos of all competitors tests to find a silent zoom. And now everything is to be redone. They improve a bit the lens, you gain a bonus tic tic tic whenever we augment or that reduces the focal length. Lamentable. Obviously you can hear on the videos. That's why I put only 4 stars.
* Ergonomics buttons was the great strength of the AW110. Unlike touch-all today, which is almost unusable in the sun and the sea, the interaction with the device can be done without even looking at the buttons because the AW110 has had the good idea to place buttons different shapes, very recognizable to the touch. It is the true intelligence, much more useful widgets that we see everywhere.
Unfortunately, again, they do not know the good things keep more than 6 months. The AW120 keeps buttons easy to use, but some have a similar shape, which makes them less intelligent and recognizable as the AW110.
In short, I carefully kept my AW110 good because when a model comes out, it never lasts long.
The AW120 was for a family member, who looks less to detail and is still extremely satisfied. Great trip, we take souvenirs from all times and in all situations without fear of damaging his camera.