I spoke to the Australian Opera Audio distributor, and the Consonance Reference 2.2 is a CD-120 with the extra valve output stage.
I haven't listened to the CD-120, I own a Ref 2.2. I can say this: that 6h30 valve makes the world of difference, and is worth paying the extra third more in price. The Ref 2.2 creamed all opposition at the price point, all of the others were totally solid state players. But apparently even using the balanced XLR output which bypasses the tube the sound is magnificent. Whether this gives you a CD-120 when using XLR plugs I don't know, one would suspect they'd have tweaked it a little for the extra money, not just added a tubed output stage...
Brilliant CD player, I love it and can't really fault it. By the way, get the Auricap version, it is only marginally more expensive and is a factory option.