The Canon 50 mm 1.4 lens is one of Canons cheaper lenses. It is the cheapest lens I own. It is however one of my favorites for good reason.
Firstly, it produces some of the sharpest images of any lens I own, and I own several of the famous L lenses like the 24-70 mm 2.8 lens and the very sharp 70-200L 2.8 IS.
Secondly, the shallow depth of field is wonderful for shooting subjects with busy backgrounds. I love shooting Bridal portraits at 1.8 and making the background milky with Bokeh.
Thirdly, the low light shots at wedding receptions are great even fairly wide open. I normally settle for an aperture around 1.8 as 1.4 can give some flaring and chromatic issues.
Lastly, it is such a small little lens I can throw it in my bag and it is not adding a lot of weight.
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I will one day look at the 50 1.2L version, but for now this little guy gives me great shots at a fraction of the price of the L version and I have spent my money on other L glass I cannot do without. The images below are all shot on my Canon 5Dmk2 with my 50 mm 1.4. Enjoy!