I have both lenses, but I've never compared them directly with 1 on 1 image tests. The focal length is too different, IMO, for me to consider a direct comparison.
The Nokton 40/1.4 MC is small, light, and very sharp even wide open. Wide-open bokeh can be a little hard-edged sometimes, depending on the scene, but stopped down to f/2-2.8 it is extremely sweet. I especially like the 40mm focal length, and how it splits the FoV choice between 35 and 50mm lenses so that I often just carry it and neither of the other two. I've shaved the frameline cam a mm or two on my lens so that it brings up the 35mm framelines, which are more accurate to its focal length than the 50mm it otherwise presents. I use this lens on the GXR-M (where it is a long normal) and on the M4-2 most of the time.
The Nokton 50/1.5 ASPH (ltm) is larger and heavier, presents a soft and very pleasing wide open bokeh (as one would expect from the longer focal length) very similar to the Summilux-M 50mm I once owned. Like the Summilux as well, it become razor sharp a stop or two down from wide open. Since I bought it, this lens has only rarely left it's place on my M9. On the three week trip to the UK I made in March-April, it accounted for about 70% of all the photos I made (the other 30% were shared between a 35mm and a 90mm lens).
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