Will be interesting to compare to the Olly 45. I would actually prefer 42.5 as a focal length, even though they are close, and the 1.2 would be very cool. I can't see owning both, so if this is better, the Olly must go.

http://digicame-info.com/2013/11/nocticron-425mm-f12-3.html

the same sort of size as my 50mm Canon FD 1.4

Generally it is biggest problem. As 42.5mm and 50mm are not big difference on m43, usually you can replace one with another.

About 2 years I used different 50mm lenses. Canon EF 50 1.8, Nikon 50 1.4, Canon FD 50 1.4, Canon FD 50 1.2, and finally Zeiss Plannar 50 1.4 (Nikon and Canon versions).

Zeiss Plannar finally was the best 50mm lens, lot better than FD 50 1.2 (yes even bokeh at Zeiss was better than FD 1.2).

Olympus 45mm 1.8 optically is perfect, very close to Plannar, and without flares of Zeiss. But bokeh of Olympus far from Zeiss, so I always prefer 50mm.

I sold Plannar 50 1.4 for Nokton 42.5, it very best of all Noktons, really, very good at 0.95. But I feel I miss 50mm (100mm look of full frame) it just more close-up lens.

At MFT small length difference gives just another lens look. 42.5mm is not equal to 50mm.

I recently got to go on a very special tour of Grand Central Terminal, into areas not accessible to the general public. I also had a few hours to play with the new 42.5 lens and managed to shoot a few head shots. Two below and two others contained in the set. It's a fantastic lens, though definitely larger and heavier than past offerings.

http://www.flickr.com/photos/wasabi_bob/sets/72157638146201873/

42.5mm specs

• Lens construction - one ED lens, one UHR lens, two aspherical lens
• 14 pieces in 11 groups
• Inner focus
• Integrated stepping motor
• Aperture ring
• POWER OIS
• Metal barrel
• 9 aperture blades, circular
• Min focusing distance - 0.5m
• Max magnification - 0.1x
• Filter size - 67mm
• Height - 76.8mm
• Max diameter 74mm
• Weight: 425g
• $1600 / 1500 EUR price

Panasonic is proud to introduce the new LEICA DG NOCTICRON 42.5mm / F1.2 ASPH. / POWER O.I.S. (H-NS043) interchangeable lens for the LUMIX G based on the Micro Four Thirds System standard. (35 mm camera equivalent: 85 mm). This incredible lens not only has a maximum aperture of F1.2, but it also incorporates optical image stabilization (POWER O.I.S.) along with full time Auto Focus. Certified by the world-renowned LEICA, exceptional high image quality is guaranteed as well as its sophisticated metal design. The name "NOCTICRON" was newly defined by Leica Camera AG for this lens that achieves a remarkably fast F1.2 aperture among Micro Four Thirds digital interchangeable lenses.

The new lens system is comprised of 14 elements in 11 groups and uses two aspherical lenses, one ED (Extra-low Dispersion) and one UHR (Ultra High Refractive Index) lens. The aspherical lenses suppress spherical aberration and distortion. The ED lens enables sharp, high contrast description without color bleeding to the corners while the UHR lens enables high optical performance that renders an image with uniformed descriptiveness from center to edges as well as downsizing of the lens unit.
The popular 42.5 mm medium-telephoto focal distance (Equivalent to 85 mm on a 35 mm camera) is perfectly suited for portraits with rich stereoscopic effect. Together with the high-speed aperture, users can utilize the beautiful soft focus for more impressive, creative shots. Nine blades give the aperture a rounded shape that produces an attractively smooth effect in out-of-focus areas when shooting at larger aperture settings. It also captures landscape with an extremely natural perspective. In addition, the aperture ring on the lens barrel allows direct, intuitive control over aperture settings.

Panasonic's Nano Surface Coating technology has been adopted to the NOCTICRON 42.5mm / F1.2 ASPH. / POWER O.I.S. Reflection is dramatically minimized at entire visual light range (380nm-780nm) by applying the extra-low refractive index coating with nano-sized structure on the surface of the lens. It results in a super clear image with dramatic reduction of ghost and flare.

Due to the shallow depth of field which is unique to the large aperture lens, even a slight handshake can potentially cause images to be out-of-focus. However, the POWER O.I.S. (Optical Image Stabilizer) which is integrated in the LEICA DG NOCTICRON 42.5mm effectively compensates for not only small, fast movement but also large, slow movement, making it easy to capture super clear shots even when shooting in low-lit situations such as in night time or indoors.

It incorporates superior inner focus system, which enables excellent resolution and contrast from close-up to infinity. The inclusion of newly developed stepping motor makes the focusing action smooth and silent for use in both still and video recording. Notably the performance of Auto Focus is far superior to the phase-difference AF when a fast lens with smaller F value is used. When mounted on LUMIX G cameras, users can take advantage of the high-speed, high-precision Contrast AF system.

The sophisticated metal design of LEICA DG NOCTICRON 42.5mm / F1.2 ASPH. / POWER O.I.S., including the hood, deserves to bear the prestigious LEICA name. A highly reliable metal mount is durable enough for repeated mounting of the lens.

The onioned shaped bokeh balls are a little disappointing. Also I don't think it is outstanding at f/1.2. Not at this price.

Yeah, I think they managed to tear down quite a bit of the goodwill they managed to build over the last few years.

They catered to people with budgets in a certain price-range, and suddenly increased it massively (so in terms of if anyone wants to upgrade, it is not a small premium on better equipment, but a massive premium for much better equipment)

Just keep calm and live with though that they did not make it for you.

but it will drive some people in m43 camps to other sensor sizes no doubt. Maybe m43 will die in a couple years.

Client in pub look at the big fish with potato price.

-- So much?
-- Yep, it is our special item.
-- I am sure that such price will drive a lot of clients to other pubs and I am sure that all city will die in few years.
-- Are you nuts, sir?