The speed depends more on the density of data on the platters than on the spin speed. A 1TB 5400RPM disk will be much faster than something like a 160GB 7200RPM disk. Random seek might take slightly longer on the 5400 RPM drive.
120MB/sec is fast for a spinning disk. A few years ago (maybe around 2010), people couldn't even comprehend that a disk could saturate USB 2.0 (around 35MB/sec) meanwhile my 1TB disks were showing 80-100MB/sec on eSATA. USB3.0 takes away a big bottleneck, but now the disk is the main limitation.