It is a great lens and not just for the price. I got a lot of good pictures with it before I upgraded to the 50mm 1.4 USM
The 50 mm 1.8 Mark I is better constructed with a metal mount but the new Mark II
feels a bit more cheap and plasticky. I know that the 50mm 1.8 Mark I is sought after on the used marked mainly due to its more robust construction. The image quality is supposed to be the same. It is said that the 50mm 1.8 is sharper than some of the lenses in Canons L lineup. The autofocus is noisy but the image quality is great in my opinion.
This pic was shot on a 300D and 50mm 1.8 - Approx. 60% crop from HQ
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Photo © Sigurdur Benediktsson