I recently picked up the 50L because it was on sale and I was suffering from G.A.S. When I unboxed it, I loved the feel and quality of it and was excited to go out and shoot. It was great to see that everything bad that I had read about-focus shifting, soft wide open, soft in the corners, can't center focus and recompose, etc- simply was not true.
But is it 13 times better than the 50mm f1.8II? I had already sent back the f1.4 because it was not better than my little plastic wonder.
Well...I am returning the 50L. There is not enough of a difference to justify the switch. The DoF at 1.2 is really not that much different than 1.8. Really. The extra stop of light is pretty sweet and does the 50L feel good...so sexy, so red, so black, so much glass....but. And that is what did it, the BUT. I have included two small jpegs to show both lenses at 1.8. There is no difference in saturation, color, etc. Just corner sharpness. The 1.2 is MUCH sharper in the corners (wide open) than the 1.8 is (wide open).
They are small because my wife is worn out from studying due to upcoming finals for her masters. She says she looks tired...and does not want her face plastered on the internet

Look at the pics and tell me what you see. Do you see a $1200 difference? What do you see/where is the difference?
Rudy

Comments
Yep, I can see a difference.
It's maybe minor, but the bottom image is definitely warmer, for the better in my opinion.
Check the 'whites' in your wife's top, the whites in it are slightly warmer, [check the cuffs and wide band at bottom] and also the top left where the sun/sky is and you can see it's warmer. Or look at the snow area on top image beside wife's right arm, it's whiter.
Apart from that the bottom image [as you mentioned] is slightly sharper on all the tiny branches beside wife's left arm, and in the sun/sky section down to the branch sticking out on left of image you can see it's lot more sharper at that distance.
Mind you, all on a small jpeg. So I am then assuming the bottom was the new u-beaut lens.
It's so tiny a difference yes, and the slightly warmer image at bottom also her your wife's skin tones looking good.
Of course it's subjective, but I prefer the bottom image.
The bottom is better in terms of color/sharpness, to me.
Now, that may not be a definitive test on just that one image, over a course of images you may find it overall better or not, but with a $1200 difference you had better be damn sure you wanted the lens.
I feel for your wife also with the 'guinea pig/lab rat testing' she endured.
Who's next?
Rudy
For me, I'll keep my nifty fifty. It's broken (a piece of the lens filament is floating around in the middle of the lens) and still gives decent results (but only the center auto-focus point works).
Justin
I have the f1.8 on a crop sensor, it depends on the type of background, but there is often a little thing disturbing me in the f1.8 's bokeh. I now have the 85mm f1.8 the bokeh is always super nice.
by the way nice portrait
I would agree that some photographers would buy this lens to imply a certain level/status (look at me, I am a pro) but there is a certain "need" for this lens. Overall, it is the best 50 that Canon makes, I still think it is worth the price tag and the L will last longer than the energizer bunny:)
At this point, I no longer need the 5D MK III and the 7D would work just fine but I have become addicted to the quality and ease of use of the Mk III. In other words, I am not willing to sacrifice quality and the same holds true for the 50L. I could not fault anyone for owning one...and one day (maybe) I will.
Rudy
The bokeh would be important for me as well - I dislike that jittery harsh look.
The difference in bokeh -- at least the shape of the bokeh -- is due to the number of diaphragm blades. The 50L has eight (octagon shaped) and the nifty fifty has five (pentagon shaped). The larger the number of blades, the rounder the bokeh. I'll be interested to hear if others have a more in-depth explanation.
Justin
thanks...after we shot the test photos, she posed for me so she could have a new facebook picture. I immediately regretted not having some additional lighting with me since her eyes are so dark but it was too cold to even bother. Notice the red ears?
This was at 1.2 and the background just melts away...
Allen
Love that!