I wonder if you could comment more about the wide open performance of the f1.2 and the lens's characteristics on stopping down. I'm usually an f8 and be there guy, but on a 50 mm I'll be interested in more-open aperture work.
Anybody got anything to add on the Canon f1.4?. I know that there is interest in these lenses for M8 use but written comment seems sparse on the forum. All input gratefully received.
The Canon 50/1.2 was considered a special-purpose lens in its day and has a very distinct "look": full-aperture imaging is characterized by a fairly sharp central core surrounded by a rather large, less-sharp halo; this gives a merely mushy, low-contrast look to unsuitable subjects, but a nice "glow" to suitable ones. It cleans up considerably as you stop it down, but in my experience it's still less sharp at, say, f/5.6 than either the 50/1.4 or the 50/0.95 (!)
The 50/1.2 also is very susceptible to flare from light sources just outside (or in) the picture area, so a lens hood is a must-have investment. Fortunately it takes standard 55mm accessories, although be careful if you use filters -- the front element is more convex than most, and some thick filters may rub on it when screwed in. (Canon made a special series of filters mounted flush to the front of the retaining ring, as well as a vented lens hood of impressive size that's now rather expensive)
The Canon 50/1.4 is a different breed of cat altogether -- its performance is very, very close to current designs such as the 50/1.5 Voigtlander Nokton Aspherical, and you can pretty much use it the same way you'd use a modern all-purpose 50mm lens. Its contrast is lower, but many people like that for digital use.
Another thing that makes it appealing is its very compact size, made possible by the fact that it's one of the few 50mm f/1.4 lenses for 24x36mm that used only 6 elements! Canon was able to do this without compromising performance by two things: using then-new types of high index optical glass, and by using thick, radically-curved inner elements. My take: Most manufacturers then and now probably would have chosen more but shallower elements with easier-to-make curves, for the sake of more consistent manufacturability, but I suspect Canon was in show-off mode here and did it this way not only for compactness, but just "because we can!" (The same philosophy is on view inside the 50/0.95, which provided surprisingly usable performance with only seven elements and no aspherics.)