How do you keep up with 120 channels? Doesn't stuff just scroll by? Do you keep logs or is the chat traffic paginated? Or do you just read what's on your screen when you switch to a certain channel? Or what IS your system for keeping up with so many channels?
I have a dedicated message window on part of my screen where all private messages aswell as notifications matching my defined hilights end up.
Other than that irssi has a pretty good activity tracker; and combined with a script to allow me to filter out things/channels that I don't want to trigger activity (joins, parts for example, and certain channels I just don't care as much about). On top of this I just have a hotkey bound to "/window goto active" that basically takes you to the windows with the highest activity and the lowest identifier. These ones combined does most of the trick.
But its obvious I can't read and keep active track of 120 channels, often I just briefly glance through things, if someone has lots of activity and/or mentions of me I appear and can keep track. Except that its just manual choice of what channel I want to use at the moment. :)