I've got the 35 1.4L and the 50 1.4, so I also don't need it. However, I have used the 35L mostly at state fairs, or other night photography situations, where I wanted something wider than the 50. I can imagine using the 40 pancake lens for the night shots. It will give me nearly as wide as the 35L (which I stop down to 2.8 anyway) and won't stick out of my 5D2 nearly as much. Hey, for $200, what's not to like?