This lens is sharp.  And at the cost of repeating myself, this lens is SHARP.

For 135/2, this is rather compact, the hood is almost half the length of the lens and makes it look bigger and heavier. That was the first thing that struck me when I took it out of the box. Exactly the same size as a Tamron 28-75 f/2.8 (without the hood), probably twice as heavy.  With this lens, hood, a 20D, battery pack and 580EX, you know you are carrying something in your hand that will make heads turn.  You look through the lens and realize that the opening is W-I-D-E...

Not very handholdable with 1.6X even at f2...minimum 1/250s required, atleast for me.  My hands are not the steadiest, quite shaky.  So I don't go below 1/250s.

The color saturation, richness, unparalleled.  Im tempted to say that the 50/1.8 gives the same amount of sharpness and color..im even tempted to say that the 50 is a tad sharper, but my reasoning would be that the 50 is more handholdable than the 135.  A lot more handholdable.

Be warned, this is a high maintenance lens - if you are taking a portrait, (i) stand in the right distance (ii) focus on the eyes (iii) recompose (iv) make sure you don't loose the focus or move (v) click.
You move 2 mm, the focus is off at f/2.  The subject moves a little or shakes his/her head, you probably need to refocus.  Thats when the focus override comes handy.  Seems simple, but needs practise...just a little.

Hood, prefer it with a crimped finish, removing and replacing the lens cap is a bit of a pain.

Built solidly like a tank, branded with a prominent red ring to be recognized by those who know what it stands for.  Yet to test it in proper day light, but I think I am going to be pleased, this one is a keeper.  My wife is no photographer, but loves the pictures and suggested that she likes this lens and wants to keep this one.

Oh, and if I don't talk about the bokeh, either I don't know what it is, or Im just plain dumb.  The BESTEST bokeh I have ever seen, buttery creamy milky smooth.  I would pay $900 for the bokeh. The combo of 135 and f/2 makes it a killer.  And if I use this on my EOS-3 (35mm), I will be closer to my subject while the background is still far away, making the bokeh even smoother.

This is the only lens which I can turn to f/32 for infinite depth of field.  Yet to take broad daylight shots with that. The only reason I will stop down the lens is for the depth of field.  For everything else, I know I am going to use f/2.

Great lens, buy it.  It doesnt get better than this.  Take a look at the two pictures I posted, especially the Indian decor.

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Update on 23 July 2007

I have taken many pictures with this lens at f/2, f/2.8 and f/4 and simply put, this is a lens that will have its place in the Photography Hall of Fame.  If you stand at the right distance, you can keep the aperture at f/2 and still get most of the person in full focus without the ears or shoulders out of focus.  Having said that, there is absolutely NO necessity to stop down unless you want more dof.
This one is a keeper, beg borrow or steal $900 to buy this lens.
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Update on 12 feb 2008.
Oh boy, I love this lens all over again, any excuse to take this out and shoot.  I will do free portraiture if necessary.  One of the pros that I didn't think was highlighted enough in the above reviews (one or two mention it, not all) is that this lens gives a verrrry pleasing 3 d effect to the images.  The background is completely compressed into one thin sheet and looks like a (very pleasing) backdrop and the subject has so much pop and clarity that it creates a very good 3D effect.  If the 85mm/1.8 makes the subject stand out in a crowd, this lens make the subject pop out of the picture.  Simply put, the best portrait lens if u have the distance on a cropped sensor.  6 stars out of 5, again, beg borrow or steal $900 to buy this lens.
This lens is sharp. And at the cost of repeating myself, this lens is SHARP. For 135/2, this is rather compact, the hood is almost half the length of the lens and makes it look bigger and heavier. That was the first thing that struck me when I took it out of the box. Exactly the same size as a Tamron 28-75 f/2. 8 (without the hood), probably twice as heavy. With this lens, hood, a 20D, battery pack and 580EX, you know you are carrying something in your hand that will make heads turn. You look through the lens and realize that the opening is W-I-D-E... Not very handholdable with 1. 6X even at f2... minimum 1/250s required, atleast for me. My hands are not the steadiest, quite shaky. So I don't go below 1/250s. The color saturation, richness, unparalleled. Im tempted to say that the 50/1. 8 gives the same amount of sharpness and color.. im even tempted to say that the 50 is a tad sharper, but my reasoning would be that the 50 is more handholdable than the 135. A lot more handholdable. Be warned, this is a high maintenance lens - if you are taking a portrait, (i) stand in the right distance (ii) focus on the eyes (iii) recompose (iv) make sure you don't loose the focus or move (v) click. You move 2 mm, the focus is off at f/2. The subject moves a little or shakes his/her head, you probably need to refocus. Thats when the focus override comes handy. Seems simple, but needs practise... just a little. Hood, prefer it with a crimped finish, removing and replacing the lens cap is a bit of a pain. Built solidly like a tank, branded with a prominent red ring to be recognized by those who know what it stands for. Yet to test it in proper day light, but I think I am going to be pleased, this one is a keeper. My wife is no photographer, but loves the pictures and suggested that she likes this lens and wants to keep this one. Oh, and if I don't talk about the bokeh, either I don't know what it is, or Im just plain dumb. The BESTEST bokeh I have ever seen, buttery creamy milky smooth. I would pay $900 for the bokeh. The combo of 135 and f/2 makes it a killer. And if I use this on my EOS-3 (35mm), I will be closer to my subject while the background is still far away, making the bokeh even smoother. This is the only lens which I can turn to f/32 for infinite depth of field. Yet to take broad daylight shots with that. The only reason I will stop down the lens is for the depth of field. For everything else, I know I am going to use f/2. Great lens, buy it. It doesnt get better than this. Take a look at the two pictures I posted, especially the Indian decor. --------------------------------------------------------------------------
Update on 23 July 2007

I have taken many pictures with this lens at f/2, f/2. 8 and f/4 and simply put, this is a lens that will have its place in the Photography Hall of Fame. If you stand at the right distance, you can keep the aperture at f/2 and still get most of the person in full focus without the ears or shoulders out of focus. Having said that, there is absolutely NO necessity to stop down unless you want more dof. This one is a keeper, beg borrow or steal $900 to buy this lens. ----------------------------------------------------------------------
Update on 12 feb 2008. Oh boy, I love this lens all over again, any excuse to take this out and shoot. I will do free portraiture if necessary. One of the pros that I didn't think was highlighted enough in the above reviews (one or two mention it, not all) is that this lens gives a verrrry pleasing 3 d effect to the images. The background is completely compressed into one thin sheet and looks like a (very pleasing) backdrop and the subject has so much pop and clarity that it creates a very good 3D effect. If the 85mm/1. 8 makes the subject stand out in a crowd, this lens make the subject pop out of the picture. Simply put, the best portrait lens if u have the distance on a cropped sensor. 6 stars out of 5, again, beg borrow or steal $900 to buy this lens.