I have the overpriced 14L II. I love it, but agree with Todd that you should hold on to the 16-35.
Unfortunately the 14L II doesn't get a lot of love because it didn't score that well in some reviews (corner sharpness). It's too bad though, because I love the way it renders. That said, 14mm is a really challenging focal length to use on a full-frame camera because of that 114 degree field of view. I will often go out of my way to use my 14L II only to come away without a single usable shot merely because of some distracting element in the frame, or because the natural perspective distortion can make buildings look like they're leaning over like this: http://www.flickr.com …6887815636/in/photostream (shot with the Nikon D800 and 14-24mm lens @ 14mm).
And since you mentioned rumors, what about the rumored Canon 14-24mm? If that actually gets made and they one-up Nikon like they did with the wide-angle tilt-shift lenses, then it could be a phenomenal product to wait for. I'll certainly buy one if they make it. In other words, stick with you 16-35mm for now. For my part, if Canon announces a 14-24mm, I'll have my 14L II up for sale instantly.