I don't particularly think that, "it's unfair - I need to post a crit or an answer to a question, and 2 minutes is too long" is a valid reason to decrease the 120 second delay. Is the person who made the model going to vanish in 2 minutes? Is the person seeking help going to lose all hope in 2 minutes?
I doubt the answer to either question is "Yes." This isn't IRC; it's a forum. The purpose of a forum is not to have chat sessions, but to post messages in response to a discussion.
The 120-second delay is there for a reason. I understand that some of the more avid posters will find it annoying, but it was set at 120 seconds for a reason. If the community were a lot smaller, I can understand changing that delay. However, because of the fact that bots are often registered here, and, from time to time, people like to spam, we will be keeping the delay the way it is.