"OK guys and girls, need some advice....
Just to start, can't stretch to the f2.8L IS
So it is between the f4 IS or the f2.8 non IS
To be used for Nature & some motorsport.....
Will also get 1.4 convertor....
This will then replace my Sigma 70 300 hopefully..."
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I think you'll have to boil your temporary priorities down and decide which of the features you'd need most and most often and where you can compromise.
1) IS - Surely shouldn't hurt you to have it, but at what expense or sacrifice? In this case it would be at the expense of having f/2.8 and what it brings to the table.
You mention "nature" as a primary interest. In this case, portability and ease of use are the variables. Would you normally use a tripod or monopod in your 'nature' shooting? If you need to shoot strictly handheld, then IS would be advantageous. If not, then I think it would be closer to a push between them as it is recommended to turn IS off when mounted on a tripod.
However, 'nature' can mean different things to different people, so without knowing precisely what your definition of 'nature' is, it's difficult to be absolutely sure which way to lean.
For motorsport, I know some use IS and others claim it makes little or no difference.
2) f/2.8 vs. f/4 - You can alway adjust an f/2.8 lens to f/4, but you can't get f/2.8 from an f/4.
Nature photography, in most cases, won't require a large aperture. But again, we don't know specifically what 'nature photography' means to the original poster. If it means mostly serious landscapes, then either one will be fine as most serious landscape photographers utilize a tripod for ultimate image quality. Again, if portablity and shooting without a tripod/monopod is a requirement, then IS is the choice and even more so if the requirement is handheld in low light.
For motorsports, the f/2.8 lenses will activate the high precision center AF sensor. Having shot motorsports with both a 70-200 f/4L and a 70-200 f/2.8L, I can tell you that my keeper rate with the f/2.8L is MUCH higher than it was with the f/4L.
I have not shot IS with motorsports, so I can't tell you for certain that it could overcome the advantage of the high precision AF sensor or not. But I will also mention that if I have found any weakness with a 20D, it is with the AF system accuracy in intense situations such as shooting sports of all types. It needs all the help it can get.
3) Size/Weight - Depends on how much priority you place on this. For some, it's priority # 1, others are not so concerned. Up to the individual as to importance.
Prioritize the diferent strengths and weaknesses for yourself. Get what suits you. The good news is you imply that this is just to start so that sounds like you plan to have the best of both worlds eventually making this a temporary measure so you won't be hobbled by lack of either feature forever..
Good luck,
Jeff
Canon 20D w/grip, 300D, Powershot SX100 w/HF-DC1 flash, Canon 70-200 f/2.8L, 85 f/1.8, 17-55 f/2.8 IS, 50 f/1.8, 580EX and some other stuff...