QUOTE(MPIK @ May 8 2012, 02:33 PM)
Usually smaller aperture size is better because can capture more "bokeh" for your photos.
Smaller aperture can result in using lower ISO because more volume of light is capable of entering the lens for low light capture especially indoor shots or birthday shots in a dark room.
This is why small aperture lens is so expensive.
Go to Canon shop and compare the quality of picture taken from a 50mm f/1.2 lens against a 50mm f/1.8 lens.
Actually, it is smaller f-number, but bigger aperture.
But I doubt we can capture bokeh using the camera of the phone, except probably for macro shots. This is because sensors used in phones are generally too small compared to those used in DSLR.
As for Canon lenses, your comparison is flawed:
Canon EF 50mm f1.2
L (let's call it L lens)
Canon EF 50mm f1.8 (let's call it non-L lens)
Now, the f1.2 of the L lens is
maximum aperture. When you take picture, you can set the aperture to smaller value, e.g. f1.8. OTOH, you can set the non-L lens to f1.2.
Let's say you set both lenses to f1.8. You'll still get better pictures with the L lens. This is because the L lens is constructed of high quality 'elements' as well as better coating.