Bryan over at The-Digital-Picture has completed his review of the brand new Canon EF 85mm f/1.4L IS USM.
While it will find use for many purposes (we will go looking for opportunities to use this lens), the Canon EF 85mm f/1.4L IS USM Lens is one of the best portrait lenses ever built. The 85mm short telephoto focal length is ideal for this use and the ultra-wide aperture combined with image stabilization permits those portraits to be captured handheld even in extreme low light situations. The fast Ring USM AF implementation ensures that the shallow plane of sharp focus lands where you direct it and the shallow depth of field diffusely blurs an even highly distracting background, making the subject stand out. The red ring indicating L-Series membership assures us that professional-grade build quality is included and that the image quality from this lens will be stellar. Read the full review
For $1599, I think you're getting one heck of a lens from Canon.