Just upgraded yesterday from my 1100t to an 8120. To me, it was money well spent. Here's why:
Everybody keeps making this bogus claim that today's software/OSes aren't geared as much for multithreading. Those people probably have never looked at their task manager. I have a Logitech G15 keyboard, so I can see per-core usage, at a glance. Windows (and Linux, of course) does an _outstanding_ job of spreading its workload across multiple cores. It means I have a lot more headroom for multi-tasking/threading both now and in the future.
As for games not using more than 2-4 cores? Again: you clearly haven't monitored your per-core usage when playing modern games. I cannot think of one single game that I own which doesn't get all 8 of my cores rumbling. Maybe not all with heavy loads, but working, nonetheless. It has unleashed my crossfire performance...I was very disappointed before.
Now, with all of that said, Sandy Bridge is easily a superior product, overall. I would not recommend BD, in good conscience to most system builders for the foreseeable future - only on a few niches that BD fills well. In that case, overclock an 8120 to get bang for buck. For anybody wanting a solid, future-looking upgrade for their old Phenom IIs w/o changing platforms, the OCed 8120 is definitely the way to go. It will make your computer run smoother in day-to-day workloads, as well as gaming. Just overclock it to or past a stock 8150 - mine is at 4.5ghz @ 1.47v stable. Unless you're doing something like Photoshop that doesn't scale well across cores. Definitely look at the benchmarks to make sure it will fit your needs, but for the gamers, I see no area where it slouches.
Note: these are the only benches I can easily link to right now...Not trying to cherry pick, or even prove anything...Just showing.
8120 @ 4.5ghz:
http://3dmark.com/3dm11/2008319
http://3dmark.com/3dmv/3562222
8120 @ 4.2ghz:
http://3dmark.com/3dm11/2002726
http://3dmark.com/3dmv/3559643
1100t @ 4.125ghz:
http://3dmark.com/3dm11/1902139?show_ads=true&page=%2F3dm11%2F1902139%3Fkey%3DnLK8K6YWbcudhRP3yQS5QK2qHhW38U (This was my system - I just didn't have a futuremark account when I did the bench...Also can't find my vantage score, but it was around 19k for CPU)