Canon has discontinued production of this lens for some time now. I suspect that they will release a mark II or a slower copy with IS (ala 200/1.8L vs 200/2L IS) within 5 years time. By then I hope they come out with an AF system that can AF @ f/11.
Other than the cost the weight and size of the thing were a logistical nightmare for photographers. It is said that it takes at least two Australians to set it up properly.
The 1200/f5.6 is a custom build-to-order lens and I would highly doubt the need for IS on it since one HAS to use it on a heavy duty rig precluding the need for IS. It's so heavy I would bet one can get perfect panning shots. If I recall, US military intelligence and the US DOJ have a few copies which ran ~$100,000+ per unit many years back.
I love the bit in the thedigitalpicture.com piece about that lens that says it takes a year to grow the flourite crystals large enough to make the elements.
Friend in Sydney, Aus...
Was "given" the 1200 for the day once (well it was 3 days i believe) for free. Mind you the amount of insurance he had to prove and provide was incredible. Essentially he had to leave the deed to his house behind til he brought it back.
He said they (they meaning some local canon retailer/represenative) like when reputable photographers take it out. It draws so much attention it is essentially a commercial for Canon products.