Seriously though, I'm also eagerly awaiting a replacement for the 50mm f/1.4. It's my favorite lens, but the "micro" USM needs to go. Also, the body feels a bit cheap, unlike the 85mm f/1.8 or 28mm f/1.8. A reduced MFD would be nice, too. Unfortunately, I haven't seen any rumors about one.
Yes the 50/1.4 does need an update... I would buy it immediately, but except a rumour on canonrumours.com related to the update of the 50/1.4, 85/1.2 and 135/2, I have eared nothing about it...