In a nutshell: the FA77 is faster, has an aperture ring*, can cover full frame and also on a subjective note has exceptionally good rendering.
Pentax K5IIs - SMCP-FA77mm f/1.8 Limited ISO 160 f/2.8 @ 1/60th
Pentax K5IIs - SMCP-FA77mm f/1.8 Limited @ f/4 ISO 400 1/250th
Pentax K5IIs - SMCP-FA77mm f/1.8 Limited @ f/4 ISO800 1/400th + 25mm extension tube used.
Originally posted by clackers The DA70 is full frame compatible.
I suppose that depends on how much cropping you are willing to put up with.. From what I have seen: on full format @ f/2.4 the DA70 performs worse than the FA77 does @ f/1.8 on full format.
When you stop them both down you would be hard pressed to tell the difference - it is when they are used at wider apertures the differences become more apparent. While the DA70mm f/2.4 may be a technically superior lens, the FA77 has more character.
*which means it is easier to work with flash and also has the ability to be used with manual extension tubes.