So, it ended up happening - I bought both lenses... last week I received the HD DA 21mm Limited. That tells you what these threads do for your LBA
Having used both for a few days, including some informal comparisons in the front and back of my house, I thought I'd give some preliminary findings so far...
* They are both very sharp. In fact I have some shots where the HD DA 18-50 at f4 captured a stunning amount of detail, more so than the 21 Limited at f4. Those usually happened at high shutter speeds (more on that in a bit...)
* For some reason, the DA 18-50 at 23mm has the same field of view as the DA 21mm (I don't mind and in fact it makes it easier to find out which shot is from which lens...)
* In terms of color, they are very close. I seem to see a little bit more detail in the 18-50 - which might be better micro-contrast, and might be what I'm seeing what I described in the first bullet point
* The prime, of course, goes down to f3.2, so that is quite an advantage
* The zoom focuses quite a bit closer than the prime. The DA 21 is not as useful for closeups as I thought it would be. But the bokeh is of course a bit nicer.
* At wide angles when doing close-ups, the DA 21 is a bit sharper than the DA 18-50. But then if I go up to say 40mm or so in the DA 18-50, the closeups are just as good and the perspective is much better.
* At f8 the DA 21 is a bit sharper than the DA 18-50, but there's not much in it.
* The DA 18-50 seems a little better corrected in the frame edges for CA
* The DA 18-50 seems to be much more affected by shutter vibration/mirror shock
I'm going to elaborate more on that last point... I made these comparisons on two bodies that I didn't really consider to be problems as far as shutter/mirror shock: first the K200D then the K-3. With the K-3 and shutter speed of 1/50s, the DA 18-50 was pretty bad compared to the DA 21 - which was affected only a little bit. Get the shutter speed up to 1/400s and all pictures are now sharp as tack from wide open.
My two other "plastic fantastic" lenses seem to suffer from this as well - the DA 35 2.4 and the DA 50 1.8 (these are more used with the small K-S1 where this problem is more known - but the K-3 was a bit worse, probably because of smaller pixel size). The only thing I can think of is that these lenses don't have the tight tolerances that the DA Limiteds and the older manual Pentax lenses had, so when the shutter moves (it's probably more the shutter than the mirror, which already stopped moving at this point), something moves inside the lens and we know that even the tiniest of movements can cause a blur in the picture, if there wasn't a long enough exposure to compensate for it, or if the exposure wasn't so short that it would basically "freeze" that movement like it does with the subjects.
I'll see if later today or sometime this week I can test the K-3 with a flash on - that seems to solve most problems with shutter shock with the K-S1.
So, in conclusion, I think I still stand by my earlier opinion that if you need a small, moderate wide angle lens for your APS-C Pentax, I'd firstly recommend the HD DA 18-50mm f/4-5.6. If you can have both, like I am fortunate enough to be able to, it's worth having them. The main advantage of the DA 21 is the size and the fact that you don't really have to watch your shutter speed all that much. Optically they are very close and the zoom has quite a bit to offer - good close-up ability, WR and a DC motor are the main ones that set it apart from the prime.
But then, when you can, get the Limited as well... you'll be glad you did...