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Michael, I have both lenses and use the 70-200 f4L IS most of the time; both bare and with the EF 1.4 II T/C. The 300 f4L IS comes into play when I'm shooting outdoor kids and other sports, landscapes when called for, but as of this year I've been experimenting with Canon's 12 and 25mm extension tubes also.
Both lenses respond well to the 1.4x II T/C, I've not tested or own a 2x T/C. IQ wise I don't see much loss with either lens, except some softness in the corners. But AF does slow down a bit, it's not horrible, is usable, shooting bare is best tho.
While I like the 300 a lot, the 70-200 is used the most, it and my 100 mac are probably used for 80% of my shooting...when a bit more reach is required the 300 bare or with T/C is a nice to have
Below are 3 shots from the 300 on a 40D, a 12mm extension tube was used on all shots, they are handheld as well, there was good late afternoon light to help with higher shutter speeds. I can post some bare and 1.4x shots with the 70-200 if you like.
Canon EOS 40D EF300mm f/4L IS USM lens 300mm f/5.6 1/500s 100 ISO 0.0 EV
Canon EOS 40D EF300mm f/4L IS USM lens 300mm f/5.0 1/500s 200 ISO 0.0 EV
Canon EOS 40D EF300mm f/4L IS USM lens 300mm f/6.3 1/640s 200 ISO 0.0 EV
Edited on Nov 21, 2012 at 11:49 PM · View previous versions