Larry is right, both cars are at the peak of automotive development for their respective times. I'm not sure I agree with the statement that the W123 is a much more substantial feeling car than the W124 - W124's are pretty solid in my book.
What amazes me about the W124 is how modern it feels. This is a chassis that made its debut in 1985 in Eurpoe and to me at least it still handles like a modern car.
The W124 chassis was way, way ahead of its time.
The one area where the W123 really outdoes the W124 is in the area of repair costs. The W124 is a much more complex car than a W123. W123's are the way to go if you are going to be doing the repair work yourself.
Tim
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