The 120 ohm resistance is an old standard, still (I believe) active as an IEC standard - but badly obsoleted pretty much ever since the Walkman, and certainly now in the days of the iPod. The resistor does two things:
1) it equalizes the power into phones of widely varying impedance. Modern low impedance, high sensitivity phones designed to work on less than a volt have a low impedance, and draw excessive power without the resistor. This causes the noise floor to be audible and requires the gain control to be turned way down, which traditional studio phones with high impedance need the level control turned way up.
2) it decreases the damping factor for low impedance phones. Low impedance phones that are designed for low-voltage sources (iPods etc) are often intolerant of this, resulting in a bloated an unnatural bass response. Presumably there are some low-impedance phones that are well damped internally and do not need a high damping factor, but it's certainly not all of them.
The resistor disappeared with the new version because we could no longer get a headphone jack from any source that would allow its use and still disconnect the speakers.
I am not at all happy with the situation, but there's not much I can do, either.