Price on the '88 is GBP644, as opposed to GBP835 for the '120 (prices ex VAT).
That's a 23% reduction, so I wouldn't say it's insufficient.
Having said that, the fine bevel adjustment and the lasers whas what made the KS120 so much better than other SMCS's on the market - other manufacturers have had time to catch up, and to bring out a 'basic' version now seems (to me at least) the wrong thing to do. It's now no better than most other offerings, but still significantly more expensive. I don't think of Festool as being the kind of company to get things wrong, but I think they may have done with this.
I also find it puzzling that they've removed the brake, a major safety feature. Especially since here in the UK at least, regulations are trying to increase the use of brakes on saws, not remove them!
Since the '88 still has the MMC circuitry, I can't see the cost saving of removing the brake, either (other than half a dozen very low cost electronic components).