I think the original term "fast" has become only necessary for creative photography (f1.4 or f1.2). There is no other way to get that look, however. Before it was impossible to get a usable imagine in low light without one of these fast lenses.
Now, fast means between f2 and f2.8, which is a good compromise in my books. I find things such as autofocus tend to work better when the depth of field is a little larger, and the ISO advantage of a modern camera goes well over 2 stops.
However, if a lens moves past f2.8, you will being to run into situations you simply can't photograph ideally. The DOF will be too large for good subject separation, autofocus might have trouble with too little light, and you might have troubles with exposure in low light. Since most lenses must be stopped down a little bit to get the best out of them, I would settle on f2.0 being the new optimal fast aperture, which gives you f2 when you need it, or f2.8 for optimal quality.
This is all, of course, assuming you want that "fast look". Many excellent photographs (before, and now) have been taken at f8, where even lesser lenses will excel nicely.
Last edited by paperbag846; 12-11-2010 at 11:04 AM.