There are very few lenses that I would label as "flawless," but the Canon 70-200mm f/4 L is one of them. For about $575 US, you can get a solidly built "L" zoom that is tack sharp at all focal lengths (center and edge sharpness), even on the most demanding sensors, such as the full-size Canon 5D.
I know many pros prefer the f/2.8 version of this lens because of its light gathering power, but that lens costs twice as much and is much heavier and larger. Photographers on the go who want the best image quality possible, and can live with f/4, will be thrilled with the lighter version.
Last year, Canon also released an Image Stabilized version of this lens for about twice as much. Not only do you get the same great optical performance as the original f/4, but you get up to 4-stops of stabilization. You can find out more by reading this review on SLRGear.com. This is really the only way to improve upon the original.
Either way, depending on your budget, the Canon 70-200mm f/4 is one of the most pleasurable lenses you'll every shoot with. And if that isn't good enough, the pictures it produces are outstanding. Keep your eye on the used market too. A lot of the non-stabilized lenses might be showing up as fans upgrade to the IS version.
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It's a pity this lens is much more expensive here in Germany. The best price I could find was 599,37 Euros, that's 815,26 US-Dollars. But definitivley a lens to keep in mind for better times :-)
I had this lens for two years before replacing it with the 2.8 IS version. In terms of image quality you really cannot tell them apart. I only went for the more expensive model to get the shorter DOF available at f/2.8. This helps to isolate the subject slightly better when shooting sports, but, as you've pointed out...it's a MUCH heavier lens.
I got my f/4 "previously owned" and it was flawless. I ended up selling it my stepfather, so I can still borrow it if I even need to travel with something more light weight.
Oh, I am still pondering. Upgrading to this lens or the f2.8 from Sigma.... I still have some time.. I have to save up the money....
Yup, this lens rocks. I used to own the 2.8 IS version, but I sold it to buy f/4 version and the 17-40L (plus probably had some change left over). I found that I hated traveling with the 2.8 IS version due to the weight, and I couldn't really tell the shots apart. Having more light and the IS was definitely nice, however.
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