Actually, i've been wondering about this lens as well.
Currently i live in melbourne's suburbs and they are selling it here for AUD$229. I like the concept of having a small, nondescript lens for walkabouts. It's not very safe in the suburbs and it doesn't help with an L lens that shouts, "COME AND ROB ME NOW!!!"
So right now the 50mm F1.8 II fits the bill but perhaps this maybe sharper with a slower STM focusing compromise? Or heck, just MF may even be faster. haha.
It will make a good travel lens imho... small, light, fits in your pockets easily and less chance of banging it on objects with your camera slinged around you.