Well, the area Dispel Magic doesn't seem particularly powerful under most circumstances in a standard game. You have to spend a standard action to use it, so you aren't attacking while you're dispelling, and generally I've found that when you want to dispel at those levels, you usually want a targetting dispel. And while it's nice to have any SR, SR level+5 means that an equal level spellcaster will only fail on a 4 or less. Against higher-level casters (it's been my experience that if the party is going to face a spellcaster, he's going to be at least +3 levels above the party) he'll only fail on a 1.
Other than that, it's a +5 holy cold iron longsword. And it seems that for 120k, you'd be better off getting a +1 holy, flaming, bane vs. evil outsiders, keen cold iron longsword and begging the party wizard for a Greater Magic Weapon instead.