Bingo!
It all depends on what you shoot.
Personally, I'll typically prefer the faster lens because I like available/low light photography over flash. At night, you don't typically need a great DoF since most of the image is in darkness. So being able to open up and shoot handheld is great. You'll notice that there are no IS primes... IS is a crutch, but a nice one. But it doesn't substitute for aperture. If you could open up more, you wouldn't need such a slow shutter speed, causing camera shake and requiring IS. For this reason there exists bright primes and slower IS zooms.
If you're in dim (or no) lighting, you'll likely be using a tripod or flash anyway and in that case, the brighter lens gives you more DoF control over a broader range of apertures. IS doesn't work on tripods so much anyway and a flash brings up shutter speeds.
IS rocks when it comes to panning and longer focal lengths. Chasing flying birds with an IS lens is a dream. Dynamic scenes where tripods are unwieldy are great for IS also. IS is great for "shooting from the hip" in a lot of situations. Try following your dog around the yard while thinking about maintaining focus and exposure, knowing that the IS is helping out with smoothing out the bumps so you can get the shot...
Which brings up the last point. IS stops camera shake, it does not freeze motion - that's something only faster shutter speeds can do - which requires brighter apertures.
EDIT: That's what makes the 70-200mm f/2.8L IS so special. It's as bright as zooms get *and* has IS.