Like others have said, yes, there is a difference between the 50 1.4 and 1.2. I've been a decade long user of the various iterations of the 1.4. The EF version unfortunately is not built like the old FD versions. That's why I even looked at the 1.2 at some point.
What converted me, however, is the contrast of the 50L - with the shallower DOF and ever so slightly nicer bokeh as a bonus. The thing just puts out amazing colors wide open. My 1.4 was actually sharper between 2.8 and 4 (or so). I sold it anyway since I simply stopped using it. It's a trade-off that's not for everyone obviously. Is it worth the additional cost? Probably not for most people. I never regretted the extra grand or whatever it came down to.