I have both the DA 40 Ltd and the FA 43 Ltd. The 43 was the first lens I bought after I got my camera (with the kit lens, but never used it) and I just recently acquired the 40, so I haven't had enough time to test it thoroughly. The 43 has been my favorite lens out of any I've ever used. Here are images from each lens, both shot with my K10D:
DA 40 at f/2.8 (test shot the day the lens arrived)
FA 43 at f/1.9 (test shot just after lens arrived)
While I love the 43, I find myself often having to back up because of the digital crop factor. I also love the f/1.9, but have taken some incredible portraits at 2.4-2.8 with it too.
I've enjoyed the 40 so far, but I haven't had much time with it yet. I do have a shoot this Friday and I plan on using it quite a bit then.