Having had just about every variation of the Summilux 50f1.4, this is my take on it:
Version 1 : Very much Leica's attempt to catch up with the Nikkor 50f1.4 and, to some extent the Canon 50f1.4 - both of which are better than the Summilux. It was a development, starting with the Xenon 50f1.5 through the Summarit 50f1.5. Soft, a bit flary - lots of 'character" - but not that great.
Version II was improved, better coating - similar formula, but still soft @ f1.4.
Version III: Much improved and better contrast. The sliding hood was stupid though as it would not lock in place. Very good all rounder - but no better than the Nokton 50f1.5!
ASPH version: Most likely the best 50mm lens made! The floating element makes a big difference in close-up. High contrast even @1.4. Not a "pleasing" image - very technical in rendering, but if you want bitingly sharp negatives - it is the one to get, at least if you want a fast 50. The Heliar 50f3.5 probably resolves a similar amount of lines and has a slightly different look to it. More of a 3D modelling than the ASPH.
I have kept my 50f1.4 ASPH, unloaded the rest of the 'lux'e. When I want to count hair on the gnat's eyebrows, thats the lens I use. For more moderate contrast and the "character" I use either the Nokton 50f1.5 or my C-Sonnar 50f1.5 (which has some of the best rendering in black/white of any lens made). Oh, when I want a 50's look to an image - and a sharp one, I use a Nikkor 50f1.4 LTM or a Canon 50f1.4. Cant say I miss any of the older Summilux'e either.
However, from an esthetic point of view - nothing looks better than the v1 Summilux with the crackle finished hood - but looks does not make it a better lens!
As for smoothness - the 50f1.4 ASPH needs a lot of exercise and then it is very smooth action. You will probably feel the cam engage for close-focus, but that is not a problem. Just a slight 'click" in feel. The early version had good damping - but a bit prone to picking up dust and specks in the helicoil and start squeeking.