I also happen to own a 50mm 1.4 SMC Takumar, I think its the newer design with the rubber focus ring. Even though I do not have experience with the Pentax M lens I would like to give you my opinion on the Takumar.
The three major things for me it boils down to are:
1. Are you willing to take the trouble with the the m42 adapter?
In my case it leads to not using it too often and when I screw it on I usually keep it for the whole day. That is for one reasen because I am lazy and for the other reason I am afraid of dust on the sensor and fiddling with the adapter will take longer than changing a PK lens.
2. Keep the yellowing in mind.
This lens might geht a yellow touch over time due to the Thorium glass used. There are some guides how to cure this for example:
PENTAX MANUALS
Of course you can also handle this in Photoshop.
3. The Bokeh can be sometimes strange (due to the overcorrection of the lens?)
See the attached picture. It looks like in harsh light conditions the bokeh gets chromatic aberrations i.e. a greenish and reddish edge around the objects. You can clearly spot it in the trees of the attached picture, which is btw. a 100% crop.
Unfortunately this happens more often as I like and sometimes ruins an otherwise nice picture, maybe only because I am a pixel peeper xD. I believe it mostly occurs with wider apertures up to 4.0 or so, I did not really test it.
Also this seems to be a general problem of the Takumar lenses of this period because my 135mm 3.5 Super-Multi-Coated Takumar has exactly the same problem.
Nevertheless, if this thing does not happen the Bokeh looks rather nice and the lens is "Tak" sharp. It can produce wonderful results even if as mentioned by kiwi_jono already aperture 1.4 is a bit soft.
I also like to mention that it was really difficult for me to focus correctly at an aperture of 1.4 under low light conditions on my K10D. The shallow depth of field makes it difficult to get people in focus e.g. at a party or so. With the K20D and the live view it is much easier now.
Overall what you pay is what you get, the SMC Takumar is a very fine lens which has its flaws.
So you should ask yourself if you are willing the deal with the fiddling of the m42 adapter all the time and accept the flaws which might occur for this price. I believe you can find this lens for around 80€ on ebay from time to time.
If you ask me if I would by it again, I am not sure what I would answer now. One the one hand the SMC Takumar is not really the lens for candid low light shots what I originally bought it for. Maybe I would go for an FA 50mm 1.4 instead. On the other hand the sharpness and nice bokeh (without the harsh sunlight effect) are creating this wow effect for some of my pictures whenever I spent some time with this lens. You can see an example for that in the other picture I took which is fullsize, not processed only changed the white balance a bit. I am not sure but I think it was taken with an aperture of 1.4 (unfortunately, because its an old lens the aperature it is not in the raw information and I am the type who cannot remember so well xD). Also if you zoom into the picture you can see the chromatic thing around the birds again but it is less pronounced and does not affect the picture this much.
By the way I would like to know if somebody else noticed the strange bokeh thing that happens for me with the SMC Takumars?