Finally got a chance to tried it out today. Very happy with the results. Slightly sharper than the Kowa, and less purple fringing. However, it vignettes a bit more at infinity focus but at close range, vignetting is not visible. Strange, because the lens is larger than the Kowa, but vignettes more.
NEX-5 & Kodak 50mm f1.2 Projection Lens. Click for larger.
Depth of field of this lens is of course very thin, being an f1.2 lens. Unfortunately, there is no aperture control on the lens so very thing is shot at f1.2. For some situations, this is desirable, but of course you will get fatigue looking at too many of the same kind of pictures with very thin depth of field.
It's a great low light lens, if you could nail the focus. Definitely worth trying on out if you always wanted to own an f1.2 lens.
NEX-5 & Kodak 50mm f1.2 Projection Lens.