I have the
645N and the
A-versions of the
120mm and the
150mm lenses. I would say that if you want to do
portrait photography, get the
150mm, and if you like
close-up and macro work, get the
120mm. (However, I also agree with the comment above that the 120mm is a must have in the 645 system. I bought the manual focus version, as that is perfectly OK on a macro lens.)
The photo below was taken with the Pentax-A 645
150mm and the #2 extension tube - and this is as close as you can get with this combination:
Exposure: 1/1000 @ F/3.5
And this was taken with the Pentax-A
120mm F4.0 macro lens (and the optical formula of this lens should be the same as the AF lens):
Exposure: 1/350 @ F/5.6
These two photos were not taken under exactly the same conditions nor at the same aperture, but still ... the 150mm is also a cracker lens.