I have a slightly different perspective on this.
The 120 "rule" is actually a 120 "coincidence" and while it might have some application in a small number of dives the *need* to use the 120 "rule" assumes one of two preconditions:
1) that you have either not planned the dive ahead of time and just jumped in the water using the 120 rule the way people "ride" the computer. I don't think this practice would be recommended, even by people who say they use the 120 rule. I can see divers doing this for one dive, however. When I dove on tables (for about the first 600 dives I made) then I eventually had the base NDL's memorized for all depths, which I guess is comparable to using the 120 rule. I guess you could say if you just "know" the NDL then you don't have to consult the table. This only works for a small number of dives, however. Most divers these days are trained and accustomed to making multiple dives on a day.
or
2) you did, in fact, plan the dive, which would involve consulting the NDL's for the planned depth/time and maybe a couple of contingency items like the NDL at the hard-bottom if there is one or for the next couple of 10ft increments. These things would ordinarily be written down or memorized by divers using tables. I recommend to my OW students who might be using the tables to actually write them down on a wrist slate for the simple reason that memorizing the base NDL's or the 120 rule is vastly inadequate in terms of planning repetitive dives. The physical act of writing it down helps with memorization too and doing it like this (thinking about where the hard-bottom is, for example) is an essential part of responsible dive planning.
In my case I didn't use the 120 "rule". My solution was to memorize the table.
R..