50mm is a pretty versatile glass, irregardless of 1.5x or 1.6x or whatever x. It's small light and convenient with a good range for you to do a lot of things and frankly, it's a good glass to learn to get used to exposure control, framing and composition.
Leave the 50mm on the camera for a month or so, shooting only with it, you'll learn quite a fair bit.
Many will say, wah not wide enough, wah, not good enough for portraits blah blah blah. Whereas I think the f/1.8 is a good advantage to many good shots and your creativity is totally not killed by the focal range.
Versatility wise, I got a 'tall' tree, DOF, moving background with subject in focus, DOF, ambience and composition.
It's a great glass to do a lot of things and it's a prime which promises good image quality nearly throughout the aperture, even at f/1.8. Walkabout, casual shooting, the 50mm is one of my favourite glass to own.
All in all, I believe everybody should own one for it's good price and versatality.
last time u ask a film user sure got a lot will come out. Last time when we go shaolin temple train train eh, all use 50mm, abbot ask to take all sort of funny subjects with a 50mm. In fact if you are a digi only user, a 50mm with a higher pixel body can get you a lot of crops with the sharpness taken with a prime 50mm.
It just takes some getting used to. While shooting streets I find that I work best with a 50mm FOV. I hardly think of using another lens when I'm really doing street-people. It was quite a common exercise in the past i believe, but not so now in the digital era. Mainly because of the crop factor I don't use digital for street photography, but I'm hoping to get a 35mm to change that. 50, for me is the perfect street f length.