The MSDN clearly states that the delta value given by the OS is a multiple of 120, that's why I divide by this value, so that one wheel step == 1 and not 120.
It also says that 120 was chosen to allow vendors to build "finer-resolution wheels (a freely-rotating wheel with no notches)", but 120 is still the base unit, ie. when delta is 120 you scrolled exactly one single step.
I don't think that the Microsoft Wireless Intellimouse Explorer 2.0 has this kind of wheel, does it?