Yeah but if your subject is moving the IS won't do it, and then not even a tripod helps.
In that case you can spend the same money on either the f/4 IS or f/2.8 non-IS and the latter will do better for moving subject. The premium for IS on the f/4 (100% roughly) is just a lot of money, that's why many don't place that lens in the bang-for-buck excellence category.
The IS will work in Mode 2 when panning! Additionally,sometimes a blurred moving subject will look good when the rest of the frame is sharp. However, if the entire frame is blurry because of camera shake, NOTHING LOOKS GOOD...
AND... I can hand-hold my f/4L IS in lower light levels than I could hand-hold an f/2.8L non-IS model!
I can shoot with IS assistance using 1/60 second at f/4 with every expectation of getting 100% sharp imagery. I can hand hold at 1/30 second with a respectable percentage of keepers. The equivalent shutter speeds using f/2.8 would be 1/120 second and 1/60 second. I could not expect 100% sharp hand-held imagery at 1/120 second and I would get absolutely NO SHARP imagery hand-held at 1/60 second...
I often think that the remarks about the price of the f/4L IS is "sour grapes"!
looking for a 17-40 or 70-200 both F4 Canon pleeasee?? 
