I've driven several versions of 123's 124's and 201's... I agree, the 124 is much more like a 123 than the 201 is.
The 201 is cramped. It's much nimbler than the larger cars, and way easier to park anywhere... In turbo form it's a BLAST to drive. In stick form it's supremely economical and the 2.5 is even sporty with the manual. I've not driven a 2.2 yet... But the thought of breaking the 50mpg barrier has me tempted...

The 124 when in good tune has flabbergasting power, and still gets decent fuel economy... 26+ better than the 240 will do in auto trim. 240 manual likely tops it... The 124 has just as much room as the 123, but more power and much more comfortable to drive.

The 123 is just classy. It's got excellent handling, but it's noisy, tractor like in town, and howls on the highway... Not really safe in auto trim on freeways.

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John HAUL AWAY, OR CRUSHED CARS!!! HELP ME keep the cars out of the crusher! A/C Thread
"as I ride with my a/c on... I have fond memories of sweaty oily saturdays and spewing R12 into the air. THANKS for all you do!

My drivers:
1987 190D 2.5Turbo
1987 560SL convertible
1987 190D 2.5-5SPEED!!!

1987 300TD
2005 Dodge Sprinter 2500 158"WB
1994GMC 2500 6.5Turbo truck... I had to put the ladder somewhere!