I own both 1914 and 1941. I agree with the other posters; $50 is a tad on the expensive side. I paid a little over $20 for it, but I bought it at Barnes & Noble with a coupon and the percentage off I get for being a member of thier rewards club, so obviously your mileage will vary.
Of the two versions, I much prefer 1914. That’s not saying much, however, as 1914 is my favorite version of the game ever. I’ve played 1941 with my wife once and would agree with the asessment that it’s a “beginner’s” version. I would hesitate to call it “A&A Lite”, but, if memory serves (so take this with a grain of salt, as my memory is horrible), there are fewer territories (they removed some European territories and enlarged the remaining ones) and you get fewer IPCs. I remember thinking while playing it that building up a strong navy in 1941 would be difficult due to the limited IPCs. Keep in mind, however, I’ve only played it the once about a year ago and am going off memory; if someone else on here corrects anything I’ve just said, I’d take them at thier word and ignorne mine.
Despite all that, however, 1941 is a great way to introduce new players to the game. The limited IPCS keep new players from doing anything crazy, but it still limits the experienced players from being able to roll right over them. If I were introducing someone to the game for the first time, 1941 is the version I’d use.
Edit: If I were given the choice between buying 1941 or putting the money towards 1914, I’d put the money towards 1914. If you’ve got every other version, I think you’d find 1914 more enjoyable as it’s a different take on the game than 1941.