what is your highest budget? im asking, because, well... as far as bang for the buck goes on acoustic guitars, epiphone is not one of the names i look for. what i do look for is ibanez, yamaha, laguna... hell, i even like seagull and sunlite. ive even seen some ovations (celebrities) go for as low as $250 sometimes.
but epiphone, for an acoustic, at $120... i cant say much, since ive never played one. but i dont expect much from it either.
and too bad youre not in san diego, or i would tell you to come over and check out the guitar i have up for sale.