@The View,
Yeah, the kit lens is pretty good - certainly when comapred with other kit lenses - but I wouldn't go as far as to say they're better than older faster lenses.
Taking shots with my kit lens and a Centon 50/1.7 lens I got from eBay, I must admit the Centon comes out on top. But it depends what you're shooting. AF is great, esp. with kids, but not everything. Good quality glass + wide aperture, though, is fantastic, and I've caught myself
chimping, in the true sense of the word, when seeing the awesome shots that my FA50/1.4 captured.
Kit lenses and faster lenses just don't compare in my mind. Even modern standard zooms in the budget price range don't excite me very much. There have been at least a few times when I've been disappointed for not carrying my faster lens, and I don't think it's just because I'm not using the right settings.
Standard zooms can only do so much in low light. Would have to agree with -spam- on those points. Faster lenses are worth the money, but if the budget is tight, stick to the kit lenses and work your way up to faster glassware with time. (That's what I'm doing....)