Just to add to my first post, and the replies that have come in since . . . I wouldn't even consider it a pure replacement for the kit lens at 50mm focal length.
In a lot of situations yes, but remember that the kit lens has a very small minimum focusing distance.
I use mine a lot for close-up shots, that I just wouldn't be able to get with the 50mm.
It really depends on the type of photography that you want to do.