|Canon EF 50mm lens lineup|
The current Canon EF 50mm f/1.4 USM lens is one of my favorite walk around lenses and a good value glass but the design is hopelessly outdated (announced 1993) and needs an update urgently. The EF 50mm f/1.2L (announced 2001) is a much more expensive but not necessarily much better performing glass, making it one of the lesser values around. Lastly, the EF 50mm f/1.8 STM was announced in 2015 and obviously will not get an upgrade so soon.
Sigma has introduced their 50mm f/1.4 Art lens in 2014 to very good reviews. It is currently the best value in 50mm glass in my opinion. According to my latest information, Canon has not decided which 50mm lens in their lineup will be replaced but a replacement should come some time this year.
With the recent Canon innovations like STM, Nano USM and Blue Spectrum Refractive Optics, my hope is the EF 50mm f/1.4 II should be the next prime lens Canon announces. I am a wildlife photographer and do not use 50mm lens too much. You can see my equipment bag and works on MichaelDanielHo.com