It almost sounds like it is two different things. The 250 MP announcement is a sensor that has been developed (exists), but it does not sound like it is intended for public DSLR use (not EOS)... more for surveillance, military, and spy stuff. The 120 MP announcement is a development project for an EOS DSLR, but does not exist.
Perhaps the 120 MP camera would have something like a Foveon sensor. You have 40M Pixel sites that each gather R-G-B data independently (different depths into the pixel). Since each pixel site gathers three sets of data, then you can claim 3 x 40 MP = 120 MP capability (that's what Sigma does).
Or could it be the fabled (err... I mean rumored) medium format sensor by Canon. I better not mention were that came from or Sean will ban me for using those initials twice in one day.
Pat






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