I had the f4L nonIS and have the VC. Taking everything into consideration, the Tamron is the better choice. Why?
Tamron advantages: longer range, costs MUCH less, VC
Canon advantages: L build quality (metal vs plastic/poly), slightly better IQ than Tamron
Canon is not worlds better in the IQ department and certainly NOT $700 vs $400 better. The Tamron can be soft wide open at the long end (some people are reporting their copies are sharp now thou) but thats at 300mm and wide open; the Canon doesn't go to 300.
Even if you set the Tamron to 5.6 for the whole range, the VC makes up the one stop loss with 2-3 stops of VC.
I haven't used the Tam in AI servo mode yet, but the USD was just as fast as the USM on my Canon. You would have to really nitpick to say the USM was faster. My USD focused indoors, on the black fur of a black/white cat, in ambient window light very quickly and without problem. If I HAD to say which was faster, the Canon is, but I would have to be either an L-coholic or really anal to care enough about the fractions of a second difference I found in my Tamron.
The Tamron is not built like an L, and that's how they save cost, but it is a very substantial lens. Any reviews you read will tell you the same. Its got weight to it and feels very sturdy. The Canon feels solid and extremely well finished, but it better because its an L.
Bottom line, IMO: any outdoor situation you would use the Canon in, the Tamron will not only do the job just as well but give you 100mm more reach. Any indoor situation you would use the Canon in (and you probably shouldn't be shooting f4 nonIS indoors anyway!) the Tamron will do better because of the VC advantage.
All this for $400 (rebate still going) vs $700 for the L. Better choice: Tamron. The L is a great lens NO question and the least expensive choice for those that want to try the L line out, but if you're heart is set on a 70-200 f4, get the IS version! The nonIS version just doesn't outperform the Tamron in real world use enough to justify the $300 difference. Heck, for $800 you could have the Tam 70-300vc AND the 17-50 nonVC LOL! Just my humble opinion 