To justify the 120-300, I think you really have to need
both f/2.8 and the zoom. If you don't, there are better and cheaper options.
Have you seen this review? Says it's a beast and AF is slow. Some other issues mentioned. But if you want what it's got, pretty good
http://www.the-digital-picture.com/Reviews/Sigma-120-300mm-F-2.8-EX-DG-HSM-Lens-Review.aspx
Puzzled by your butterflies comment
That pretty much mirrors my experience with both the 120-300 and the 300mm 2.8.
I posted this some time ago and got shot down in flames
"The AF is slow, very slow especially if your are into motor sport or wildlife IE bird flight. The back focusing issues were a pain, I was able to adjust for either the short end or the long end. I did not bother with Sigma as another member who posts here called Tobers, visited sigma having had the same issues. A simple test was performed after calibration and proved that the Sigma simply cannot keep up with modern camera's frame rates. The test was carried out by a Sigma tech, point the lens at a car coming toward you, you would be lucky to get 3 out 10 shot in focus. I will also point out he performed the same test with a siggy 300mm prime with the same results.
As you have not owned this lens it is difficult for you to comment, no offense meant. If you are looking at static shooting it will be fine. However the other issues were and are a major issue for me, very soft at 2.8 in fact you need to open up to 5.6 or above for the lens to work well, rather defeats the point really.
Lacks contrast and suffers color aberration. Certainly not worth the silly money a new one costs, if you can find one for around a £1000.00 then possibly.
It is not up to me how you spend your money, I was and am referring to the OP asking for real life reviews. Good luck whichever way you go.
cheers
Grant
Personally I would suggest the OP go for either a 70-200 2.8 vr or 300 f4 af-s both of which are in a different league to the Sigma "
http://www.talkphotography.co.uk/forums/showthread.php?t=140085
I also failed to note it is NOT 2.8 across the zoom nor is it a full 300mm reach more like 270mm, nor did I metion the new siggy zoom delivered all boxed up and sealed with a little present left for me........................................ A dead earwig in side
For a Grand go for it but list price.......... you could do a lot better.