Great to see a bitcoin exchange based in the UK.
Some comments about bit121:
Where are the charts showing price and trading volume over time?
Where can I see the order book?
I feel as if I am blind when I try to trade with this site.
Secondly, I don't like the separate "buy" and "sell" tabs which are similar to MtGox. I find it easy to get confused and enter a sell order instead of a buy order, or vice versa. I think btc-e has about the best user interface of any exchange--if you just replicated their interface and the level of reliability of their site, it would be great.