Actually, the Noctua NF-F12 also uses the magnetic bearing system, although they call it their "SSO Bearing". The warranties offered are 5 years for the ML120, and 6 years for the NF-F12, not much different. I do know that Noctua fans have had for years a reputation for long life, but I suspect the ML120 would do similarly.
Performance specs for the two are different. The ML120 specs at max speed (2400 rpm) are 75CFM airflow and 37dBA noise with a maximum backpressure (for zero airflow) of 4.2mm H2O. The NF-F12 at 1500 rpm can deliver 93.4 m³/hr = 55 CFM and 22.4 dBA noise with a max backpressure of 2.6 mm H2O. If you sketch out a graph of airflow versus backpressure for those two you will find that throughout the range the ML120 unit will deliver more airflow against the same backpressure than the NF-F12 will, but at higher noise levels. Looked at another way, for the same airflow (as required by the fan control system for a particular CPU temperature) through the same backpressure (set by the radiator construction), the ML120 will be required to run at a smaller fraction of its max speed (although that may be pretty much the same speeds for the two fans) and will generate much less noise than its max speed noise. However, whether that is quieter than the NF-F12 at that point is not predictable. But what this does come down to is "reserve" cooling capacity. If you expect to run only at modest workloads, either fan will do the job well. But if you expect to be pushing the limits with sustained high workloads and high CPU temperatures, the ML120 fans have much more high-end airflow capacity to keep up with that need for high heat removal but they certainly would generate more noise under those high speed conditions.
The original SP120L fans included with the H100i system perform similarly to the NF-F12's but have higher top end performance (but less than the ML120's). However, those fans generate about the same noise as the ML120's, so for similar noise generation, the ML120's will produce much higher air flow; thus, the ML120's probably will be run slower and generate less noise if they are run to produce the same air flow as the SP120's. Again, this also means that the ML120's have more high-end reserve capacity than the SP120's if your workload is high.