I have the first version of the 70-200/2.8IS and the 85/1.8. I would love to get the 85/1.2, but unless you use it at 1.2-1.4, you might as well save the money and get the 1.8 from what I can tell. I've seen some wonderful images from the 1.2, it's got a quality at that aperture that is unmatched by any other lens. As has been mentioned before, It's not just the amount of bokeh, but the quality is ethereal, almost dreamlike. I've heard the closest any other short tele lens comes to it might be the Leica 1.4, but even then the Canon is preferred by some. So if it's for portraits with a unique look you desire, that is the lens to get. If you require versatility, the 70-200 is the obvious choice, though I've heard the 2nd version has a harsher bokeh quality than the first version has, trading that for superior sharpness, IS effectiveness and maybe focus speed. I prefer the more creamy bokeh of the first version, and find it plenty sharp for my portrait work. If it's more for sports or other work, the 2nd version would probably be the better choice.