I did all my shooting for months on a Canon f/1.4 50mm, and I still use it regularly. I don't have personal experience with the other lenses. That said, here's info:
Look at the MTF curves and reviews carefully before you buy...the 1.2 is probably great if you do a lot of low-light shooting (portraits as well, as mentioned) but stopped down the f/1.4 is reportedly sharper. Given the price difference, if you're willing to throw that much at the 1.2 you might as well try the 1.4 first.
For what it's worth, Sigma recently put out a 50mm which is widely considered sharper than the other 50mm primes out there, but once again,
DPR argues that shooting for absolute sharpness at f/8 it's not better for sharpness across a full frame. Autofocus at f/1.2 or f/1.4 is probably your primary concern determining whether to get the Canon or Sigma; if it's sharpness you're after, the f/1.4 hasn't disappointed me yet.
I do want them to put out a new f/1.4 sooner rather than later, I'm not the only person wishing for it, but all we've heard are rumors and rumors don't make good kit additions
For what it's worth, Ken Rockwell sez the Canon f/2.5 Compact Macro is the sharpest of them all.
Personally, at $300 or so the EF f/1.4 is nobody's idea of a steal but it's a tried and true performer at regular apertures. Judge your shooting situations and buy accordingly. Yes, I do miss a lot of shots at f/1.4 with the 50mm...and they don't tend to look nice when they hit...but with increasing ISO performance from each succeeding generation of camera, I think pressure is being taken off the lenses to have such fast apertures.
This is the first time I've ever heard the "undercorrected spherical abberation = superior boke" story (I don't see it mentioned
here) but it does make sense. Basically, with any 50mm I've found the story to be that throwing more money at a prime doesn't give you better absolute image quality, but rather it gives you increasingly obscure niche lenses meant for a specific purpose, just as the "regular" 50mm primes (including the f/1.8 II) fill a niche compared to zooms.