The lens is a replacement for the existing low cost 50mm, and is badly needed. Metal mount, better center resolution (at f/8), hopefully more accurate and repeatable autofocus. For beginning photographers and those on a budget, there is excellent performance when stopped down.
I do expect that it is a Gauss optical design as used for the past 100+ years, and similar to the existing optical design. The existing design is plenty sharp, but needs the improvements they have made, better AF motor, metal mount, 7 aperture blades. Taken together, its a substantial improvement.
http://en.wikipedia.org/wiki/Double-Gauss_lens
There is only do much that can be done to a lens and sell it for a low price. Exotic glass, 22 elements, and the like would run the price way up. That kind of stuff is for the "L" lenses.