It seems like a decent compromise on a few fronts. I like the idea of f/4, but that puts the front filter size over 100mm, f/4.5 keeps it at 95mm like the 200-600. I would prefer if it went past 400mm, but again that pushes the front filter size up. f/4.5 is just 1/3 stop slower than f/4, but makes a big difference in lens size.
I assume the optics will be superb given the GM designation.
Internal zoom for rapid zooming during sports.
The high resolution bodies to me beat a built in TC. Just push a button and you get a 1.5TC on all your lenses. So I'm not sure that makes sense expect maybe the super-tele primes.
I think of it like a 70-200GMii with the 2x TC, except it is 2/3 stop faster and 40mm more on the wide end. Or maybe the better comparison is vs the 70-200GMii with 1.4TC, that becomes a 100-280 f/4. Would you trade 1/3 stop of light to cover 280-400? Basically, it slots in as the next pro level zoom past 70-200 with some compromises to keep the size under control. It's not in the same league as the 100-300/2.8 from Canon, but that is an $11k lens.
Then the next question is does it make sense vs a 70-200GMii and 300GM with TCs? To me the 70-200 and 300 with 2 bodies sounds better, but I could see how people who want reach could go for the 100-400 vs the 70-200.
Then what about me, I like shooting primes up to 135 and don't own a 70-200, maybe this is the lens that fills the next range further out, or maybe that is the 300GM. I think size, weight, and price decide that.