Just found this thread... man, I wish this discussion had happened a couple years ago, when I was figuring out these boxes on my lonesome.
I recently discovered that dbx publishes the 120xp schematic themselves, a modern colorized version of the original schems I'd seen before:
http://www.dbxpro.com/Download/discontinued.htm
Also, after getting way deep into my hardware investigations, I did make a software plug-in version of a dual-band subharmonic synth. Called the Lowender, it's commercially available here:
http://www.refusesoftware.com/ (Mac only for now; Windows coming soon!)
The big difference in method between a dbx 120 and an octave pedal (as clintrubber points out) is the dual band action of a 120. The biggest advantage to a dual band approach, in my opinion, is that by having each frequency-divider see only
half an octave of bandwidth, you avoid the annoying octave hopping glitches of a wideband pedal. By only looking at half an octave, the divider doesn't get confused whether the fundamental is, say, 110 or 220 Hz.
When I was playing around with modding a 120XP, I tried widening the bands, to have it cover more ground. It started octave-hopping, and it was then I realized the wisdom of dumbing things down for those poor, easily-confused flip-flop dividers.
cheers,
Leigh