There have been 4 incarnations of the 50 mm Summicron-M since 1953, and 3 of the Summilux-M f1.4 since 1959. For most of this time, the Summicron was regarded as state of the art, with the Summilux also very good but not quite as good as the Summicron. The present Summicron has been available since 1979, so development costs are well amortised, the Summilux in the latest aspherical version is much more recent and probably now equals the Summicron. In short then, the Summicron is the normal #1 choice, the latest Summilux is as good if you need the extra stop and don't mind paying double and carrying the extra weight!
Regards,
David