I did finally open it and go out shooting it some tonight. I don't have time to look through the images tonight, but it looks very sharp and the bokeh is excellent after the kit lenses. The speed is an eye opener. I can take pictures (assuming it focuses) where I never could have before. On the other hand even at ISO 1600 with f1.4 it can't perform miracles. I can understand now why people do really like the high ISO performance of the D700. Granted, the bar I was in and the streets I were on were very dark.
It is heavy and bulky, especially compared to the Nikon 50mm/1.4. I'd be thrilled if Oly released a similar lens at half the weight, but we'll see. The other route I was looking at was the D300 or D700, but the weight turned me off. Either so-so consumer lenses or heavy pro lenses. Oly's pro line are just something no else has really been able to touch. Part of the reason I did pick it up was that I knew I could sell it again with minimal loss. I think I'm pretty happy with the DoF that 4/3s can get.
I'm really excited to get my first non-kit lens! It's been great shooting it and I'm looking forward to using it a lot more in the next few weeks. I'm off to bed for tonight.