I have both the DFA100 and the FA50.
(i) Is there a switch where you can turn on or off to shoot macro?
No, no separate macro mode. The lens just has an extremely short minimum focus distance. It also focuses to infinity and can be used as a normal 100mm lens.
(ii) How would it compare with FA50mm F1.4 in terms of AF speed?
The DFA takes longer to focus. Both lenses change focus with the same speed and accuracy, but the distance between the focus ring at minimum focus and the focus ring at maximum focus is longer on the DFA 100 than on the FA50. The FA50 is usually very quick to focus, because the glass doesn't have that far to move. The DFA 100 takes longer, especially if it hunts (goes all the way to opposite focus and back again.)
Does it hunt during focusing under low light?
All lenses on my K100D hunt during autofocus in low light.

The DFA 100 is no better or no worse than most. In practice the hunting bothers me slightly more, because (1) with macro shots you often use a smaller aperture to be more depth of field, so you are shooting in low light more often, and (2) when the AF hunts, it takes seveal seconds for the lens to go all the way to opposite focus and return.
These points having been made, the DFA100 has some strengths too. It is the smallest of the major K-mount 100mm macro lens. Size is almost exactly the same as the DA50-200, and weight is only 100g more. The Tamron 90 and the Sigma 105 are both larger and heavier. I bought the Pentax mostly because it seemed easier to wiggle into unusual places for unique and different viewing angles, and I have found that to be true. The compact size of this lens is a major benefit.
It's also a very high resolution lens, probably the best one I own for sheer optical quality, except maybe the FA50. The detail it captures on a close range macro is amazing. Because the focus ring covers so much ground, it is very easy to make fine adjustments in manual focus. You can do this even if you use AF, because the lens has the Pentax "quick shift" system where you can adjust focus manually even in AF mode. The long-turning focus ring is a minor annoyance when the AF hunts, but a major advantage when focusing manually, because it allows very precise focus adjustment---which is often useful when shooting high magnification macros.
--Brett
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K100D, March 2007