I've had the three versions of the 1.8, the MK I, the made in Japan version of the MK II, and the current MK II version. I've also had two of the f/1.4's.
The main difference besides the obviously wider aperture is the better build, and a real focus ring in the 1.4, and the better build and real focus ring of the f/1.8 MK I.
I'd take either f/1.4 or f/1.8 MK I over the current MK II, but the IQ is pretty much the same for all.