Last year, like many, I went through the same dilemma: 1. Get the 100-400L for versatility and IS or 2. get the 400mm f/5.6L for sharpness. I went with the 100-400L.
Now, a year later, I still can't decide if I made the right choice.
Although I have indeed enjoyed the versatility of the zoom having used the lens in the 100-300mm range, for the most part I just want the reach; I want 400mm.
Scott M makes a great point: the 100-400L is as good as it gets as a zoo lens.
I wish I could give you a definitive recommendation, but I can't even give that to myself! If I were trying to answer that today my answer might be neither. I'm really impressed with what I've been seeing from the Sigma 120-300mm lens.
The Sigma 120-300mm enjoys some key advantages over either 100-400L and 400 f/5.6L: 1. Four-stops IS, 2. constant aperture of f/2.8 throughout the zoom range, 3. The newest edition can make use of a USB dock that allows the user to microadjust the lens, install firmware updates, customize IS and zoom limits. The constant f/2.8 aperture really pays off when using extenders. Add a Sigma 2x extender and you've got a surprisingly sharp 600mm f/5.6 lens. Check out the lens thread for some very impressive 600mm examples: https://photography-on-the.net …ead.php?t=934592&page=246
There are a couple of negatives about the Sigma 120-300 to note though (as compared to the 400 and 100-400: 1. quite a bit more expensive, 2. The constant f/2.8 aperture makes the lens a lot heavier.