I have owned both and still have a 125 as a spare bike. They both make similar peak power but the 200 has a lot more low end and midrange. The 125 weighs between 15 and 20lbs less than the 200 and you can feel that.
If you already own a 125 there are things you can do including a big bore kit to make more power. On my 125, I changed from the 38mm carb to a 35mm PWK carb (from an older kx125) and that helped the throttle response and it still revs to the moon. I cut the head to fix the squish and to increased the compression and that made a big difference in the bottom end and mid range. Even after those two changes the 200 still has more midrange and bottom end. I weigh 250lbs so I am not a typical 125 rider ;-)
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