>>3215141EF 85mm f/1.2L USM Vs EF 85mm f/1.4L IS USM lens:
Note that Canon intends to continue to make the 85mm f/1.2L lens alongside the f/1.4L lens.
The first reviews have actually favored the f/1.2L lens over the f/1.4L. And as an owner of the lenses ranging from f/1.2 to f/1.4 I can tell you that there are times when you really need the f/1.2 in low light or to increase the effects of the bokeh and shallow DOF.
Is Image Stabilizaion needed with a lens that can still use a shutter speed of 1/180sec at night or faster for street shooting? Absolutely not. Will it increase your success rate with such a thin blade of focus at f/1.4? No it won't. In face you'll be tempted to use slower shutter speeds... resulting in more drift between shutter actuation and button depression - resulting in a poorly focused subject.
Either you shoot with a fast shutter speed or with a secured (or tripod mounted) camera+lens.
The f/1.8 lens in this focal range is rubbish. Cheaply made too.
But a focal length like 85mm is useful on a Full Frame camera and I have found 85mmL lenses to produce somewhat less inspiring results on the APS-C cameras.
Take a look at the samples posted from the reviewers online from the new f/1.4L They're all very average looking pictures and the "glowing" reviews are all from gnats who have clearly never used a bright fast lens before. The Bokeh is NOTHING like the f/1.2L lens and that's why you want the f/1.2L... for the incredible bokeh and the ability to shoot in extremely low light where even f/1.4 fails to perform.
The f/1.2L is slower but more accurate to focus. The reason the AF mechanism is slower is to eliminate error using an older but more reliable fly-by-wire system. It's fast enough for most people for everything but sports... and even then it's useful (but not the ideal lens for that subject).
The only reason more people don't own the 85mm f/1.2L lens is because of the price. But is it worth it vs the slower AF speed? YES!