Actually, the 120 watt picopsu is a bad idea.
The reason being, that the Xbox motherboards (all versions) draw most of their current off of 5V, not 12V.
So, when searcing for a repalcement PSU, wattage does not really matter, what matters is how much current it can supply on the 5V line, the xbox tends to use a lot.
I have done a lot of work and experimentation with powering Xboxes from DC-DC power supplies such as this (I even MADE my own power supply), so trust me here.
From my tests, during normal operation, the Xbox only uses about 60 watts. This can drop even more is you are using a 2.5" HDD, no dvd drive, etc. However, the majority of this current is on 5V, up to 8 or 10 amps.
So, according to the datasheets, the 60W picopsu Sicknasty used can actually supply more current on 5V than the 120W one, even though the 12V current is substantially less (but if you are using no dvd drive and a 2.5" hard drive, the current draw on the 12V is next to nothing, the motherboard only uses 12V to power the fans and one or two small chips), so it's actually a better choice for the Xbox.