Here are my thoughts having used both of these lenses.
[U]70-300[U]
Pros:
Weather sealing
Smaller size/easier handling
Slightly sharper
Slightly less CA
The most flare resistant lens I've used
Really nice minimum focusing distance ( same as 300 f/4)
Faster autofocus
Excellent IS
Cons:
Does not include a tripod collar
Does not come with the zipper case. It has the soft one instead
It's not as good if you need more reach
100-400
Pros:
Longer reach
Includes tripod collar
Comes with a better case
Cons:
Slightly less sharp
Not as resistant to flare
Minimum focus not quite as good
Operations are less refined in my opinion( strange location for the tension ring for push/pull that makes it hard to manually focus
Heavier and larger
Slower focusing
IS is noticeably worse
My overall opinion is that if you are going to be shooting at 300mm (or more) at least 80% of the time than the 100-400 is the better choice. The IQ is similar in the 100-300 range and it would be hard to convince me that using a tc on the 70-300 is a wiser choice. You would probably lose iq and would be forced to be @ f/8.
If you prefer the shorter range of 300mm or less, the 70-300 is the better lens in my opinion.



