I was just wondering if 120 watt studio strobes would be sufficient in a small home studio. I have a 220ex and a few old flashes with GN-70 or so.
Brand and quality and other specs like recycle time and how much power can be adjusted, is likely more important than the maximum power.
An average larger speedlight (SB-600, SB-800, 420EX, 580EX) with GN around 90 or 100 at 24mm (ISO 100) is about 60 to 75 watt seconds. These work well in umbrellas for portraits, but their recycle time is slow, and sure, we would like a little more power.
Remember also, ISO affects apparent flash power. 120 watt seconds at ISO 200 is exactly the same aperture/distance situation as 240 watt seconds at ISO 100. And remember, portrait lighting is typically "close as possible" - power is no big deal. Excessive power is worse than not enough (aperture and ISO always helps if not enough).
I use Alienbees B400 with 160 watt seconds. I use them at ISO 200 (Nikon), and main light in a close large 40 inch softbox for f/8 and f/10 is typically around 1/8 power (20 watt seconds). Fill light umbrella has to be back farther, and it may reach 1/4 power, or 1/2 power at extremes.
At full power, one 160 watt second light in 45 inch white umbrella at ten feet,
will do f/8 for groups (ISO 200). This would be f/5.6 at ISO 100. How much more power is necessary?
I also have two B800 320 watt second units, which should be OK for ISO 100, but at ISO 200, to keep from turning them down so far, I much prefer to use the 160 watt seconds for portraits.