Canon EF 50mm f/1.8 II
Facts
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estimated retail price 105 EUR
in my use from 9/2004 to 7/2006
the lens that revolutionized my view on photography and lenses
Pros
beats the living hell out of the cheapest zooms with good image quality and large aperture
gives more sharpness, better colors and more contrast than mid-priced zooms
fast (f/1.8) so you'll love it indoors and it can open up new possibilities what and where to shoot without a flash
cheap
small
lightweight
Cons
harsh background blur compared to more expensive primes
all plastic including the mount
not usable for manual focusing due to short movement range of the focusing ring
focusing causes noises that sounds like the lens was broken