I went through the same issue as well, and I opted for the 400 f/5.6L over the 100-400. I will say that I am still extremely happy with my choice - it was the right choice for me. The zoom is certainly more versatile, and if that is an issue, you should definitely get the zoom. However, since I have the 700-200 f/2.8L IS and the 1.4 TC, I didn't need that versatility for my wildlife photography.
As I see it, here are the advantages to each:
100-400:
Zoom (of course)
IS is great, but not a panacea.
It will focus much closer than the 400 f/5.6L
400:
Sharpness, especially wide open
Better contrast, but only by a slight bit
Much faster focusing, especially in lower light
A bit lighter and easier to handle, though again, not by much.
Unlike RbnDave, I don't believe that I can make this decision for you. You have to weigh the facts yourself - everyone's needs and priorities are different. I will say this about zooms, however. While they can be a godsend, they can also make you lazy. The situation of the elk walking closer once you have the image framed can be viewed as a problem, or it can be viewed as an opportunity. Now you can get a portrait of the elk. With the zoom, you'd probably never try something "different".
I personally find that with my 70-200, I'll often zoom to frame an image a particlular way and not think a lot about it. I am also less prone to move around to get a better angle, either for the sun or the subject, as it is so easy to just zoom. I personally feel that while my photographs taken with the 400 might be a bit more effort, they tend to be better techincally and rarely any worse compositionally - often they are much better.
This of course, is all IMHO. I'm not saying it's right for you. YMMV.
Some 400mm f/5.6L images:
(BTW, the hummingbirds were taken using natural light)
http://www.edrotberg.org …Killdeer%20guards%202.jpg
http://www.edrotberg.org/images/Flying%20Pelican.jpg
http://www.edrotberg.org …/Spotted%20Towhee%201.jpg
http://www.edrotberg.org/images/Annas%204_5-15.jpg
http://www.edrotberg.org/images/Annas%207_5-15.jpg
**EDIT BY MODERATOR**
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