I've only used the Canon 50/1.8, but I would have to say that this is hardly a fair comparison. One lens is a relatively slow after-market zoom with variable aperture, the other is a fast prime. I'd expect the 50/1.8 to beat the 17-70 hands down as far as IQ and sharpness goes, but I can't comment on the Sigma's bokeh, AF, build quality etc. Relative to more expensive lenses, the 50/1.8 has pretty slow AF and cheap build quality, plus it's bokeh isn't anything to write home about. But it was a great learning lens for me (fast aperture-wise) and delivered some real keepers too. The 17-70 will give you many more options in terms of composition (50mm is pretty long on a 1.6 crop factor camera), but I'd expect its optics to be a bit of a compromise.
Do you already have a lens? If you already have a kit zoom (18-55), I'd get the 50mm first and then maybe look at upgrading to a higher-quality (constant aperture) zoom later on.