I bought the EF 50 1.4 just before this lens was announced. Fits better in my bunch of EF lenses and can be used with a variable ND adapter.
R7 destroys that lens wide open - on FF with 24MPix it is very usable wide open. What I like is that the older EF version has low distortion and moderate CAs without any correction.
Now about the RF 1.2 45: It is close to these older designs in IQ, suffers from strong distortion and it has AF which is not the case for 3rd party lenses, a huge advantage!
Now my opinion about IQ wide open etc:
If you can use f/2.8 or f/4.0 and the lens is sharp, contrasty, gives good colors you can use it for landscape, lots of portrait situations, nature, architecture.
With f/1.2 or f/1.4 you have the option for low DOF or night shots which are not accessible with e.g. a f/4 or f/2.8 zoom. Some degradation in sheer sharpness is traded in to get the photo which is not possible with f/4 or f/2.8.