An IR camera with a resolution of 120 x 120 would be, at best, marginal for predictive maintenance. You would have trouble distinguishing between connections that were physically close together, such as single-phase C/Bs in a panel. You may not be able to tell if a problem is a cable connection or an internal problem on a small C/B also. You would not be able to see anything very clearly unless you were very close physically. I can't believe that you have to settle for this resolution at that price range.
Some of the main points I would look for in an IR camera, besides resolution, are:
Real-time video. You need a camera that operates just like a video camera, with constant refreshing of the picture. Some cameras have a snapshot only feature, which takes one shot every 2-3 seconds. This makes locating a problem very time consuming. With a good camera and a knowledgeable technician, it should take literally two seconds to scan a panel.
Actual temp readings. Some cameras won't give you an actual hot-spot temperature, so you can compare it to a normal connection and determine the temperature rise. This is the critical value to decide how quickly a repair must be made.
Other factors: battery life, weight, picture storage capacity, ease of use, dependability, etc.
FLIR is definitely a big name, they have absorbed both Agema and (I think)Inframetrics, which were the two biggest companies previously. Also, check out Raytheon's Amber line, if they are still available.