royer 121
I'm a big fan of the 121. The main advantag of the new phantom powered mics (122 I think) is the impedance matching, much more than the gain.
With these new mics, you dont have to be as picky in matching impedance. The lower output of the 121 I have actually always looked at as a plus, since I can run my preamps much hotter and get more transformer saturation out of them with the amps wide open. Most modern preamps will provide between 60-80 dB of gain, so I have never ever had a problem with nto enough gain and a 121.
the amp in the preamp section on the mic uses a fet, and again, thats the nice thing aboutt the 121, the mic is just a ribbon and a transformer, it doesnt get more pure than that. There is no additional circuitry in the mic, which is a plus.
However, it all comes down to what sounds good, as with everything.
Ive used both, prefer a 121, everyone is different though.
dave