As has been already metioned, the new Lux ASPH is considered the best performing 50 ever.
I shot a test roll with one and it's pretty darn impressive. There really isn't much to say. It's blazing sharp at any stop, impervious to flare and costs $3000 dollars. Think of it as a 2/50 Summicon opened up a stop, with better close up performance, due to the floating element. It has a different signature than the pre-ASPH model. Very modern, high contrast and incredible sharpness, even wide open.
I own three modern 1.4/50's
The new Zeiss Planar 1.4/50 in Nikon mount
Canon EF 1.4/50
Lux 1.4/50
Overall I think the Lux-M is the best of the lot.
The Canon is very soft at 1.4 and flares. Sample variation is an issue. I had to replace my fist copy, because it was soft at any stop. It's mainly plastic and the internal gear has been known to die after a few years of heavy use. Stopped down it is very, very sharp. Bokeh is nice, but can sometimes be a little erratic like a Noct. Overall it it has a pleasant, smooth signature. I like this lens.
The Zeiss is an interesting lens. In terms of sharpness it is equal to the Lux and Canon but there is something rather strange about the way it renders tonality. The middle grays feel 'thin' or stretched out. The lower zones are real contrasty. Somehow it renders like a badly adjusted black and white TV. Everything is either black or white and the grays in between feel compressed. I can't quite put my finger on it, but I have a friend who shoots Contax SLR and he has noticed this also. But it is very resistant to flare and becomes very, very sharp once it's stopped down a little. Wide open I think it's better than the Canon and about the same as the Lux, but contrast seems lower.
Overall the Lux-M has an almost perfect balance of tonality and resolution. It is as sharp as a Summicron when stopped down a little, but has that lush Leica look in terms of tonality. This lens really excels in b/w. Flare resistance is quite good. Like all lenses without a floating element, the Lux is at it's weakest at f1.4 and focused to .7 meters, but it works wonders for portraits. This is one of my all time favorite lenses.
Here is Erwin's test of the Lux-ASPH
http://www.imx.nl/photosite/leica/mseries/SummiluxASPH/s14-50.html