I have the AI 50/1.8, which is my favourite and most used 50mm Nikkor. It has a similar appearance and the same optics as the AI-S "long nose" 50/1.8. I prefer the AI version because:
1. it has a longer focus throw (210° vs 130°) which allows more precise focusing.
2. the aperture ring is wider, the AI-S aperture ring is narrow and not as easy to grip.
Comparing the AI 50/1.8 to the AI 50/2:
1. overall size, weight and build is similar (50/2 is slightly longer)
2. the 50/1.8 is 1/3 stop faster, which is not significant.
3. Both are sharp with very low geometric distortion.
4. The 50/1.8 has 7 aperture blades, which gives nicer 14-point sun-stars and out of focus highlights have a more organic look than the 6 blade aperture of the 50/2.
5. The 50/1.8 has nicer background bokeh than the 50/2 and pancake 50/1.8 versions (in my opinion). It is relatively smooth centrally but becomes harder towards the corners, so it's not perfect, but is better than the other 50mm Nikkors I have tried.