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I have never even heard of G/120 before, so I cannot speak from experience. However, 90 for 40 moves and 30 for the rest is quite common in Norwegian weekend tournaments, which of course adds up to G/120 if the game lasts longer than 40 moves. I think I would have tried to manage the time similarly to that time control, so that I would try to have at least 30 minutes left after 40 moves. I tend to play quite a large amount of long games, so from my experience, 30 minutes after 40 moves is often not that much. I doubt I would feel G/120 would be similar to G/90 + 30 seconds increment. From experience with the latter time control, it helps a lot to know that I won't have to save time for an "easy" endgame. In most games, the total time spent will be quite similar, but the uncertainty about the length of the game would make me much more reluctant to use a "depends on the position" approach in G/120. I can think of an extreme example where the difference is clearly seen: I once played a wild game, under the time control 90/G + 30 seconds increment where in the end, my opponent allowed me to queen my pawn, leaving me a whole queen up (2 against 1!), but he still had a dangerous attack. A couple of moves later, it was clear that he had nothing more than a perpetual check, but if I was going to play for a win, I would have to leave my king even more exposed. I had perhaps 3-4 minutes left, so I calculated until I had 10 seconds left, and decided I could play for a win. My calculations were correct, and since I could escape the attack with a whole queen up, I knew my 30 seconds per move would allow me an easy win. How long would I have dared to think if I had no increment? I honestly don't know. And I am pretty sure that without the increments, I would not have dared to be leave myself with 3-4 minutes left for the game in such a complicated position.
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