Problem with 70-200 f2.8 L IS

The zoom on my 70-200mm f2.8 L IS has stop working. I’m guessing that I bought the lens new in 2002 maybe 2001? When you the turn zoom ring it just rotate without zooming. At the beginning of the 2009 winter holiday I used the lens at some local nature centers Green Cay & Wakodatchee plus at our cable ski park Rixen USA. Not sure excelling when it stopped work because I was also shooting with my 100-400 and a rented 400 on my 1DM2N and rented 7D. I seem to recall bumping in to one of the wood guardrails on the board walk at Wakodatchee with it. I checked the lens out that evening and it seemed be work. But a few late days at ski parks it stopped working again

So that is the failure history of the lens and most like problem?
Is there a new generation of the lens coming out soon?
Should I repair, replace or just use 100-400?

The exact same thing happened to mine that was only 2 years old. I sent it to Canon Irvine for repair, and it cost $177. They fixed, cleaned and calibrated and its better than new. Yes, get it fixed, if for resale anyway.