This is a beautiful, exciting and affordable lens with specifications only marginally less than the much more expensive Nikkor 85 f/1.4D Af.
This is a different lens depending on whether you are shooting film or digital. On film, it is at the short end of portrait lengths, suitable for head and shoulders or wider shots. On digital, which crops the lens by 1.5, it is at the long end of portraits, suitable for head shots, or for head and shoulders at a greater distance. On digital it also qualifies as a sports lens.
This, and the 1.4 cousin, are firm favourites for digitial portraits, and here is why:
First, the measured quality of both these lenses puts them among the best that Nikon (or anyone) has ever produced at any length. The 1.4 measures marginally better, but only marginally.
Second, the relative speed of these lenses gives much more control over depth of focus than the fastest zoom lens: even professional zooms only manage f/2.8. Again, the 1.4 gives a little bit more, but the 1.8 is still substantially ahead of other options.
Third, the length is exactly right for digital portraits. One of the results of the smaller size of the digital sensor is that you get more depth of focus than with the equivalent length of lens for film. Therefore, in order to get the same reduced depth of focus which is often used for portraits, you need a longer lens. The traditional lens lengths for film were 85-105mm for portraits, which would equate to 57-70mm on the digital sensor _in terms of field of view_. Going further out, to 85mm as this lens does, recovers the deliberately shallow depth of focus.
Fourth, this lens (and its cousin) give a very bright viewfinder picture, which also assists autofocus. If you spend half a day peering through the f/4-5.6 of a typical zoom lens, and then you look through this lens, it's like switching the lights on or cleaning your glasses. This is a _very_ enjoyable lens to photograph with, and also gives you a much better picture of what you are going to get.
Finally, this is ideal for grainy, moody portraits shot in available light, just because it does let so much light through.
I love this lens -- it's small, unobtrusive, and very light, and at a very competitive price. True, you could probably have lots of fun with a zoom lens for the same money, but you would not achieve the same scorchingly beautiful, razor sharp next to beautifully blurred that this lens provides. If you do have about twice as much money to spend, you would be advised to look at the f/1.4 as well, but you might still decide that, in terms of bang for your pound, this lens won't be beaten.