I have a SM4 50.8 Vokey and I love mine........I am an older guy and it is my 100 yard club and my chipper club around the green.....my par saver........might take a look at the SM5s they are awesome.....I purchased a 56.10 for the sand and in closer......Vokeys are the best.......went from Clvland to these and not even considering going back........

I think it depends on how you use the 50 ... if you use it strictly from the fairway/rough for distance approaches to the green, you may be more comfortable with an iron look.

If you plan on using it around the green, want a slightly more versatile sole, slightly more maneuverable (smaller size), less likely to get stuck in the rough, and want a little more touch on green side chips/pitches, more spin, and you are comfortable with a blade from distance, then opt for the blade look of a dedicated wedge.

I debated this same question.  I decided to go with the SM4 48.10.  I liked that it gives me more versatility around the greens and enables me to play from a variety of positions and conditions.  But it will depend on how you want to use it.  The stock gap wedge for your set will almost certainly be easier to hit on full shots from the fairway.  If that's all you want it for, then that's probably your best option.  But if you are looking to hit less than full shots and do much pitching and chipping with it, you probably want to consider one of the Vokey wedges.

A lot of great comments on this issue.  As others have said, I think it really boils down to how you use the club.  I play the AP2's and go down to the "W" wedge in the AP2's which is 50 degrees.  For me, a full shot with this club is 120 yards and this is generally the only shot I play with this club.  From there I go down to a 55 degree Vokey M grind and a 60 degree Vokey M grind.  I use these Vokeys around the green and for the less than full "touch" shots.  I would recommend thinking about how you are most likely to use the club.  When I am between two options, I often will get both, play around with them for a while, and see what works best.  The down side is that sometimes you end up with a club you don't keep in the bag, but at least you have the ability to experiment with both permutations.