Unless you're willing to pay 5 times that amount to get you the L version and f1.2, this lens is the best deal. It's better than the cheap 1.8 version and won't keep your budget suffering for months.
Good at 1.4, this lens is super sharp at f2 and above. The thin DOF is great producing a very nice bokeh. AF is fast enough but could be faster.
If you want a quality 50mm optic that won't break the bank it is an excellent choice and will produce great pictures.