I also own them both and they are equivalent optically. In regards to build, there is NO comparison. The M 50/1.7 is a precision-made and sturdy gem. The A 50/1.7, on the other hand is plastic and not very nice plastic at that. In addition, the aperture ring mechanism on the A 50/1.7 is fragile. I don't believe that I have seen a copy where it was not at least partially broken. This is not a huge issue, unless you decide at some point to use the lens with a bellows or extension tubes or on an older film camera.
So what about real-world use? As I said, I own both lenses in addition to a ton of other fast 50s. The A 50/1.7 is currently mounted to my Pentax Super Program and that is where it pretty much stays despite the convenience factor. It is quite realistically my least favorite fast 50 mounted on what is probably my least favorite camera! It is simply not as pleasant to use as my other lenses.
Bottom line is that I would not pay a premium price for the A 50/1.7. (At least, not again...I gave just over $100 USD for mine back in 2007 during the post-K10D K-mount buying frenzy!) If you want a (slight) quality upgrade from your M 50/1.4, you might want to consider the K 55/1.8 or SMC Takumar 55/1.8. Both are better (IMHO) than either the A 50/1.7 or M 50/1.7 and the Tak is VERY compact.
Steve
(...apologies to fans of the Super Program. It is a decent camera with a great feature set, but it has never resonated with me...)
Last edited by stevebrot; 11-30-2012 at 09:31 PM.