Gobbler: Others have said this and I will reiterate that a very workable answer to your "12 vs. 20" question is a 16 gauge gun--particularly for pheasants. I have used both a Merkel 1620 side by side weighing about 6 lbs., and in the last two years, a Browning (new) A5, also weighing just shy of 6 lbs. on pheasants, and also ducks, with very satisfying success. You'll find that these and other 16's with similar characteristics (for example, a Winchester Model 12 with 26" barrel or an Ithaca Featherlight Model 37 16 gauge) are easy to carry, won't slow your swing, and will shoot either 1 ounce or 1 1/8 ounce loads of #5 or #6's from Remington, Federal or whoever with the authority to hit the birds hard---assuming , as with any gun and load, the birds are hit solidly. Of course the Model 12 and Ithaca Model 37 would be used guns but there are plenty of those around.
I'm seeing Federal, Remington and Fiocchi ammunition offered this fall at the Rural King, Runnings, Bass Pro and Cabela's outlets and, once in a while at Wal Mart. If you happen to be a reloader, that would also be a good way to go and you can tailor your loads for hunting, skeet or other clay games as you wish. If you hunt ducks, the Bismuth and Boss loads are costly but they work fine. Federal also makes a 15/16 ounce 16 gauge steel load that I've used for jump shooting and decoying ducks. I have 5 16 gauge guns and they continue to be used frequently because they are very practical and effective sporting guns. Best of luck with your decision.