close enough to justify the extra $$ for the FF camera + price difference of the 85L? For example (all prices from B&H as of this posting date/time - rounded to nearest dollar):
$1,505 = 7D body only
$1,549 = Canon 50mm 1.2 L
$3,054 = Total with roughly 80mm equivalent lens
$2,400 = 5D Mark II body only
$2,089 = Canon 85mm 1.2 L
$4,489 = Total
Price difference of $1,435 ... while not exactly the same with dealing with DoF and focusing speed, very similar images can be captured with the MUCH cheaper combination. Becomes even cheaper still if you make the 7D a 60D. So, question here is can that "Not even close" be justified by spending nearly $1,500 more? Sorry, but I'd put the difference toward another great L and live with the sacrifices. While not EXACTLY, the alternative gets you in the ballpark nicely and at a much lower price point ... that's the point I was trying to make.
Given the alternatives, I don't think the 50L overpriced. However, I think that at sub $400, the 50 1.4 is VERY nicely priced and a great bargain considering some of the examples of what it can produce that I have seen.