There was a time when I was looking for a nice 50 prime for my 7D, but I didn't buy the Canon 50/1.4 because I knew that it is too soft at 1.4 so wouldn't use it wide open anyway. I bought the Sigma 50/1.4 instead, it was very nice, pretty sharp at 1.4 even on a crop body. However, to make a fast prime really shine, you need a FF camera. Some say that Canon 50/1.4 is pretty decent wide open on a FF camera.
Reasons why I bought my 40mm:
[nice optics and compact design]
[smooth and silent focus ring]
[good price and it fits FF]
[I use a flash for low light, not a wide aperture lens]
[FF DoF seems to be much thinner than APS-C, so f/2.8 is fine]
[when I want a shallow DoF I reach for something like 85/1.8 anyway...]
[it's a nice high-tech EOS body cap

, now I can take my camera everywhere (in a small case) and not look like a tourist

]