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Yes, that's at f/1.4. The Canon FD is one of the best all around 50mm f/1.4's I've used, and I've had a ton of them (EF 50/1.4 and f/1.8, Sigma 50/1.4, Takumar 50/1.4, Zeiss 50/1.7, FD 50/1.8, Minolta MD 50/1.4, etc). It's got a good balance of contrast, sharpness and decent bokeh. While it's not the absolute best at any of those, it's good at all of them, and so as far as adapted 50s go, it's my favorite. The FD 50/1.8 is a little sharper, but contrast is a little harsh and bokeh isn't as nice (and it's slower). Interestingly enough, both FD 50s from Canon are better than their current EF siblings.
I like the 50/1.4 on the X-E1 because it's relatively small while still being fast. If I want really shallow DOF in this range, I use my Hexanon 57mm f/1.2, which is also very good, but MUCH bigger and heavier, and not quite as sharp wide open (but REALLY good from f/1.8 on). I got lucky on my FD 50/1.4, as when I got it, the focus ring was jammed and slightly bent. I picked it up for $45. A little messing around with a little precision screwdriver, and I bent the focus ring back and it's now silky smooth. Optics were perfect, so the lens is in great shape aside from a few scratches on the barrel from the denting and repair of said dent.