The only time I use the simulated low ISO settings is when I don't have an ND filter with me and I need to use a longer shutter speed.
Here is one opinion on the matter
http://blog.grantkaye.com/why-not-to-use-iso-50-on-canon-dslrs/
From
http://www.cambridgeincolour.com/tutorials/dynamic-range.htm
"In some digital cameras, there is an extended low ISO setting which produces less noise, but also decreases dynamic range. This is because the setting in effect overexposes the image by a full f-stop, but then later truncates the highlights — thereby increasing the light signal. An example of this is many of the Canon cameras, which have an ISO-50 speed below the ordinary ISO-100."
My opinion? Only use ISO50 when you need it and ISO100 won't give you the shot you want. Other than that, stick with the native ISOs. I would not normally shoot at ISO50.
ISO50 is an option that is nice to have. It has advantages in some circumstances and disadvantages in others.