I have the SMC Pentax-DA 40mm F2,8 XS
without a doubt, it is the best lens in its class
and I recently got an " experienced " SMC Pentax-DA 40mm F2.8 Limited
there is a difference in material ( how it is made ) and size
the Limited:
Weight 90g (3.2oz)
Dimensions 63mm x 15mm (2.5 in. x 0.6 in.)
the XS:
Weight 51g (1.8oz)
Dimensions 63mm x 9.2mm (2.5 in. x 0.36 in.)
Read more at:
Pentax DA 35mm F2.4 vs 40mm XS vs 40mm Limited Review - What's in the Box / Specifications | PentaxForums.com Reviews
however as far as what is possible with either of them photographically - very close in my mind
and in the in depth review [ which compared the DA 35mm F2.4 as well ] states:
The 40 Limited has the best build, the best looks, and the best features—but for a relatively steep price.
The DA 35mm f/2.4 and the DA 40mm f/2.8 XS also have much to recommend them. The DA 35, though it's as insubstantial and feature-poor as its bargain basement price tag might suggest, is a great performer right from f/2.4, and has the advantage (depending on your perspective) of being 5mm (effectively 7.5mm) wider, which can certainly come in handy in certain situations. The DA 40 XS is by far the smallest and lightest APS-C lens currently being made, and is a brilliant street-shooting tool, much like its skinny-but-not-emaciated elder brother.. . .
Ultimately, any of these three will get you great image quality, durable construction (if a bit chintzy, in the case of the DA 35mm), and a compact and lightweight package. . . .
Read more at:
Pentax DA 35mm F2.4 vs 40mm XS vs 40mm Limited Review - The Bottom Line | PentaxForums.com Reviews
so if cost is an issue or you don't want that big hunk of metal
go for the XS, you will be fine