A 50mm lens is both compact and extremely versatile.
There was a time when you would be hard-pressed to find an SLR that did not come with a 50mm lens. It was the "standard" lens, which to most photographers meant useless. They could hardly wait to add a macro, wide-angle, telephoto, or zoom lens in hopes of creating better photos. But a 50mm lens is remarkably versatile; it became the standard lens for a reason. Learning use it properly can add some new tricks to your arsenal of creative techniques.
Realistic Perspective
Almost all lenses introduce some form of distortion. For example, telephoto lenses "telescope" the depth of a scene so the distances between the foreground and background objects is lessened, and the distortion of a so-called "fish-eye" lens is self-explanatory. This is not the case with a 50mm lens; it causes a minimum of distortion because it maintains the perspective of a bystander who simply views the scene through his own unaided eyes. So anytime you want to photograph a scene the way an observer would actually see it, a 50mm lens is a good choice.
Portraiture
Although you might not believe it at first, 50mm is nearly a perfect length for shooting portraits. It allows you to make a sharp half-portrait (from the waist up) with proper proportions and yet still blur the background to make the subject of the portrait stand out. It really shows its strengths when you are making impromptu portraits out in the real world, as opposed to a carefully staged studio portrait. It allows you to work closer to your subject--a great advantage when you do not have a lot of space in which to work. When you are out in the field, a 50mm lens can help you capture truly natural-looking portraits.
Versatility
The 50mm is simply a workhorse lens. Its focal length--with its innate lack of distortion--is one of the best-understood lengths, meaning the optics for this lens are frequently sharper than those of comparable lenses. This, in turn, makes it easier to create higher-speed lenses which work better in low- and existing-light situations. All of these aspects work together to make this compact lens capable of handling many jobs at once--whether you are working in a low-light situation, shooting rapidly moving sports figures, capturing landscapes where you need everything in focus from the closest plant to the farthest mountain, or creating artistic shots with some subjects in focus while the others blur in the background (or foreground). A 50mm lens will have you ready for almost anything without the hassle of constantly changing your lens.
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