I'd like to add that the 100Mhz parts are the "original" release of Kinetis. At the time it was a bit confusing, as the launch activity talked about all the security features and the Nand flash controller and DRAM controller etc, but it took a while to decipher that not everything was on these 100Mhz parts, and that Freescale was really talking about the entire family.
So the 120/150Mhz parts came along and gave us the K70 (with awesome LCD controller) and K60 in 120/150Mhz with variants that include these security and memory and other misc features. There should also be a K20 coming(or already here?)
Simliarly the 50Mhz family and 72Mhz familes have slightly different feature sets.
All these parts are quite compatible and once you've got the key peripherals you need in your design, in my opinion are made available just to satisfy specific price targets for specific feature sets...