I've been dialing in my decision and my conclusion is for Pentax. Here's why:
Bokeh:
If you compare the bokeh from the Sigma vs the Pentax over at photozone, I really think the Pentax comes out ahead:
Pentax:
Sigma:
Some might find the bokeh on the Sigma preferable, but I like the more artistic look and feel of the bokeh on the Pentax. I feel that with the Sigma it just muddles the oof area, especially at 1.4, where as the Pentax is a little more impressionistic. (Especially given the samples from MCR earlier in this thread. This is probably the biggest differentiator for me between these two lenses.
Weather / dust seal:
I'd rather have it than not. I live in Utah, which means that in a trip to the desert landscape, dust is just as important. It's not a deal breaker, but it is nice to have here.
The price:
I find the price difference of $500 (Sigma) to $625 (Pentax) to be a wash because of the filter size. Once I buy a UV filter for the 77mm diameter on the Sigma, that $125 gap has narrowed to less than $100. If I buy just one or two more accessories at this filter size, the price is almost the same.
Lateral CAs
The photozone review is very telling on this. The Pentax is hands down the winner. Could I correct it post processing? Sure, but unless it's a critical shot, I know myself, and I probably wont do any correction at all.
MTF resolution at 1.4 (Mitigation for Pentax):
Everything I've read says the Sigma wins out here, however if I'm shooting this lens at 1.4 I'm looking for a specific feel to the shot, and my thoughts on this are that the Pentax will do a better job at creating that feel. If I was using this lens for outdoor landscape photography where I wanted everything in sharp focus, the resolution difference would probably swing me; but if I was buying a 55mm 1.4 for this purpose, I'd be looking at the wrong lens.
55mm vs 50mm:
I know it's only 5mm but of the two focal lengths, I'd rather the lens be able to get a little closer to the subject. It's a small push but of the two, I'd rather be at 55mm.
Preparation for a full frame:
In the event that Pentax does release a full frame dslr next year, I was worried this lens just wouldn't do, but as it was pointed out by noahpurdy earlier in this thread, the lens does cover a full frame on film.
Focus speed (Mitigation for Pentax):
I didn't specifically read anywhere that the Sigma has a quicker hsm focus, but I did read everywhere that the Pentax is a bit slow. This comes back to what I intend to do with this lens. If I'm trying to capture high speed motion action with this lens, then this is a big deal; however, I think I'd be doing it wrong buying a 50/55mm 1.4 for that purpose. I'd probably be smarter going after the FA 85mm 1.4, or more likely something else entirely.
So which will it be? Looks like the Pentax in a month or so, unless some stellar deal appears on the Sigma to swing me back.