The 300 f/4L IS USM is a great lens - very sharp and has lightning fast AF. When I shoot soccer with it, I can put the AF point on a player, turn the AF on in AI Servo and track them continuously without losing focus. It is really quite amazing.
When you add the 1.4 TC, the AF slows down considerably. But if you track it with manual focus and then let the AF pull it the rest of the way in it works just fine. In point of fact, it is about as fast as other slower USM lenses.
The image quality with the 1.4 TC is just ever so slightly worse than without the TC. Printed, even large, you cannot hardly tell the difference. Even when compared to the 100-400 and the 400 f/5.6, it is difficult to tell the difference unless pixel peeping. From what I have seen of the 100-400, I would not say it is better than the 300+TC at all. Very close.
It is really hard to beat the versatility of this lens and its ability to handle the TC. The 400 f/5.6 is probably a bit better if you need just 400 but it is far less versatile. Too, the 5.6 is going to challenge the AF of all but 1D bodies. Even then, you won't have IS. The 300 f/4L with TC gives you 420mm plus you get IS out of it. Any IQ the 400 would have over the 300+TC is probably a wash when you consider the IS.
This is really one of my favorite lenses. Here's one I took at the Minnesota Zoo yesterday.
