I've got to agree with Chris on that one. Learn to shoot hand held at slower shutter speeds! You'll be able to use much nicer film, such as Tri-X, and won't be worried about whether or not your lens is sharp enough at f/1.2 or if you'll have enough depth of field.
Impress your friends with your pictures, not your lenses.
For what I shoot and how I like it to look as far as DOF is concerned I can live the higher ISO and smaller aperture combination. The few fast lenses that I own are/were only used at their widest aperture in a desperation move to just get a photo any photo. It depends on what you want or need. My old minimum was 800 colour film and a 2.8 wide for indoor use and that got to be a little shaky at times for grain and adequate shutter speed. The D700 and ISO 1600 solved that for me without the expense of getting faster lenses. OTH you can still use a camera that has good high ISO capability at 1/5/1.2 for even greater available dark shooting. Not really an either or situation if you are not talking film.
Personally i think the DOF of f1.2-1.4 is too thin and would rather shoot with the smallest i can for low light situations though i am sure a portrait photographer might differ. I suppose at the end of the day it also depends on the type/subject of photography
If it's indoors with normal/low nighttime room lighting Fuji 800 colour @ 1/30s f/1.4 is right on the margins for me with a 35mm f/1.4 lens.
With a 50mm f/1.4 ISO 1600 becomes advantageous.
With B&W there is a bit more scope to clip the shadows as black, but colour film needs overexposure to keep the shadows from becoming muddy so needs at least a stop more than you would get away with with a digital camera.
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