I currently have both of these lenses in my possession. I was really intrigued with the idea of the new f/4 IS as it appears to be a perfect travel lens if Canon truly improved upon the 24-105 f/4L (a lens which I have also owned but never really 'loved').
It is common knowledge at this point that the new 2.8 II lens is stellar. I have read some mixed initial reviews of the new f/4 IS lens (softness at 50mm), so I decided to put them through a simple controlled test to confirm or deny some of this.
I used a Canon 6D for the purposes of this test. The body was tripod mounted and the center point was used for focus. I took a total of nine shots from each lens one each at f/4, f/8, and f/16, at 24mm, 50mm, and 70mm. Exposure was identical for each lens at each focal length.
I imported into LR as raw images with no processing and did side by sides at each focal length and aperture combination.
My findings:
24mm - center sharpness too close to call. Slight edge to the f/2.8 II in the corners.
50mm - the f/4 is very sharp in the center, but slight edge to the f/2.8 II. And I do mean slight. I think what you are really seeing here is the strength of the f/2.8 II at 50mm, not necessarily the weakness of the f/4. Corners again, very slight edge to the 2.8.
70mm - here I find a very slight edge to the f/4 in the center. Corners, slight edge to the f/2.8 II.
Contrast - too close to call. Both excellent.
Color - too close to call. Both excellent.
This is a result of extreme pixel peeping, but in actual use I would find the images virtually indistinguishable from either.
I did not test for vignetting or distortion as I correct for these anyway.
I really like the size and weight of the f/4, and the macro feature is a cool bonus.
The 2.8 II remains a world class lens but the f/4 truly is a viable little brother.
Price aside, I think Canon has a winner here with the f/4.
A couple of crops from near the center of the frame at 70mm @ f/4. The image taken with the f/4 L IS looks slightly darker I think because clouds were passing by.
You can click on the images for a larger view.
24-70 f/2.8II
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24-70 f/4 IS:
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