I have had the new 122 for a couple of months (of Summer) now. The first couple of rides didn't really thrill me. It really is a small board and I was used to relying on the board's volume to compensate for poor technique (I am an intermediate rider (90kg) (still fluffing a lot of forward rolls and double backs)). I then had a couple of rides in flatter water and got the feel of the board and haven't looked back. I use it in all but the lightest winds (even with my 19m Fuel). It is a beautiful combination of power control and carving ability. I have found that most boards that give a bit of "play" on the water won't hold the edge in a screaming gust but this board never skips out and never catches a fin in a jibe. I chose the smallest fins offered. I have recently used it in waves a couple of times and while a bigger board could do better here this board performs pretty well.
The board is heavy for its size but still lighter than most boards in the 135+ range. The weight suggests it is strong and so far I have no reason to doubt it.
Downsides?
The footpads seem a little greasier than the previous model X-shooters. I reallu don't know why- they look the same.
I wish it had come with a bag like earlier models as no-one makes bags this small!
Puts up a little more spray than a bigger board in chop but a small adjustment in style settles this
Comparisons? I've not ridden anything this small but have ridden the North Dragon (sticks to the water too much & I didn't like the footpads) and the Icon (nice board but stiffer than the XS122).
If you can peel someone off a XS122 for a ride you should do so.