Haha 120 fps will prolly come when 1080p60 does. Its just not exactly economically reasonable right now. They can have 1080p chips but I dont think there is cheap technology yet to produce a raw shot from a 1080p chip. Well that is cheap I should say. Obviously there are REDs and such that are 4k 120p and such, but those are just a next level up.
1080p60 would most likely require some other hardware and software as well. Talking like 2+ gigs per minute of footage.
Could be wrong here. Someone says that the firmwire exists for it in the 7d? I think its more of an issue then that. I dont think an SD card could even handle that type of data rate, unless it was a super compressed 1080p60 where it would be pointless.