Noise per noise the PA160 is the rough performance equivalent of a 120.2, but the 160.1 is more compact and will fit in the lower-front of cases that do not have drive bay racks there in the way.
A 120.3 is going to outperform a PA160.1 with 3 x turned down fans in comparison to a PA160.1 with a higher-speed single fan. It will beat the 160.1 both in terms of raw performance, and in terms of performance offered per noise level.
Again, the drawback is the size of the 120.3, being over twice the length of the 160.1, so it's not something you're gonna fit anywhere comfortably.
It's the old adage:
Low Noise
Low Space
High Performance
Pick any two.
The PA160.1 is designed to tread a middle ground between all 3 by targetting "Low-Moderate Noise", "Low-Moderate Space" and "Moderate-High Performance" (in comparison with existing commercial radiators).
If your desire is to favor high performance and low noise more strongly and the cost of more space means little to your situation, then the 120.3 would be the better choice.
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