Very interesting development from Canon.
With how they've worded things, I really suspect we will eventually see an IQ focused 35 1.2 in the (near) far future, possibly when they update the 50 1.2 into a MKII version for those that just want the absolute no compromises image quality.
I do like the aperture ring, IF all the lenses in the line-up have it already, if they don't then I'd rather they leave it off. That's what I really like about the Sony kit I use for work. Every GM lens has an aperture ring that turns the same way, the zoom/focus rings are all in the same place and it makes it very easy for muscle memory to take over when you're thinking about a dozen other things when shooting. I suspect most will leave it in A and just change it via the body dials.
Also, aside from the more compact size, I am digging that price. Canon L glass comes in at roughly 15-20% more expensive that Sony in New Zealand, which can be the difference between building a 2.8 trinity kit or being able to also add a couple of 1.4 primes when purchasing several lenses. Maybe we've all just gotten accustomed to Canon's really high prices to where this is a breath of fresh air.