I won't miss this lens. It doesn't need to be replaced. There is absolutely no use for it, given the bare existence of the 28/1.8 (which I own).
The 28/1.8 is also a (rather) cheap and small lens, but faster and USM. (And yes, the 2.8 is a little bit smaller and cheper, but what is the differnce in real life? How much smaller and lighter than the 1.8 can you be?)
Slow (non-macro or T/S) short (<150mm) primes like f/2.8 have no real value (to me). This also holds for the 20/2.8 and 24/2.8. When there is enough light, zooms - that most people own anyway - will do, even if they're only f/4. When there is not enough light, FAST primes are needed, and in my view this translates to f/1.x.
And those fast primes should have a very good IQ wide open (because when I can afford to stop them down, I will be in a light situation when I will use a zoom instead). I use my primes practically always wide open, I practically never stop down more than 1 stop. I just like low-light photography.
And that's a bit of a problem for Canon (or better: for us), because most Canon consumer primes need to be stopped down too much to achieve good IQ. (the 28 1.8 does not have stellar IQ, sadly). Fast primes that deliver on IQ only from apertures that zooms have are no value to me, either.
Like someone said before, I would spend 700 on consumer primes given good IQ wide open any day.
Specifically, Canon should address wide-open IQ on the following lenses:
- 28 1.8
- 50 1.4 (i also own it and I love it, but still at 1.4 it is has too much halation)
- 50 1.2L (yes, even the L in my view does not perform too well wide open)
The following lenses should be replaced with faster ones, at least 1.4 would be good
Also, please, Canon, give me IS in the fast primes! I would buy a 50 1.4 IS or an 85 1.4 IS at any time!!!