
If you are using a Nikon DX or 1.5 crop body, like my Nikon D300, the 50mm lens acts like a 75mm: in other words, a short telephoto. I bought mine specifically for shots where I need extremely shallow depth of field, and so I intend to use it wide-open or close to it. I can also use it for low light shots, although the short telephoto focal length will make it a bit cumbersome to work with for general low-light shooting.

Which one did I get? I bought all three, tested them, and ended up keeping the new 50mm f/1.4G.
My main problems with the older ‘screw-drive’ versions, the 50 f/1.8D and 50 f/1.4D, was that they had a higher tendency to misfocus on my D300, and focusing accuracy is critical when shooting with shallow depth of field. The new 50 f/1.4G, despite being equipped with a supposedly faster AF-S focusing system, actually focuses slower on my D300, but is much more accurate.

I really wanted to like the cheap and light 50 f/1.8D, but I had some bad front focusing issues with it, and the lens tended to be quite soft wide open closer to the edges.
I’m hesitant to recommend the 50mm f/1.4G outright. Not only is it the heaviest, it is also the most expensive. In fact, for a 50mm prime lens, it is absurdly expensive. Quality control also isn’t that great. All three ‘Made In China’ samples I looked at had dust inside the lens, which means it happened during manufacturing in the factory.
If you can afford to stop the lens down a little, say to f/2 or smaller aperture, and you’re happy with the focusing accuracy, I’d say take a closer look at the older 50’s. If you must have the best, the new Nikon 50mm f/1.4G