Hi Hank,
I use both 300/2.8 and 300/4. I don't shoot indoor sports or night games, but occasionally I have to work in pretty dimly lit covered equestrian arenas. The 300/4 is my longest handheld lens. I try to keep it at 1/320 or faster when hand holding, in spite of the I.S. I've used both lenses with 50D, 7D and 5DII... The 50D can do ISO 1600 presentably, while the 7D an 5DII are usable at 3200 and 6400 respectively, IMO.
The 300/4 is usable on a monopod, too, with I.S. turned on. It's one of the lenses that require I.S. be manually switched off if used locked down on a tripod. (The 300/2.8 turns off I.S. itself, when on a tripod.)
It's sort of unfair to compare the f4 lens to the f2.8. The bigger lens is not pracitcal for anything more than brief handheld shooting, but it has that last little bit of image quality over the f4 lens. The events I shoot are often 6, 8 or as much as 12 hours long, so the f2.8 is nearly always on a tripod with a gimbal mount, and is less mobile than the 300/4. In all other respects, the f2.8 lens excels... but again, I think it's a bit unfair because IMO the f2.8 is one of the best lenses ever made by anyone in this focal length (I'm anxious to see how the Mark II compares).
The 300/4 produces what I'd qualify as a very good image. It's not quite as crisp and doesn't render colors as richly as the f2.8, but it also doesn't have any fluourite elements AFAIK. It's a little slower focusing, but still can keep up with reasonably fast moving situations.


LH image is on 50D (ISO 200, f5.6, 1/1600). RH image is on 5DII (which is
not really a BIF camera! ISO 800, f5.6, 1/8000... I was shooting in shade just prior to this flyby!).
It works well with a 1.4X II teleconverter, too, here on a 50D and using a monopod (ISO 200, f5.6 with TC i.e. "wide open", 1/1250). Again, the f2.8 lens is even better with the TC... But the f4 manages to do a fine job. I had to walk several miles to set up for these shots at Laguna Seca... would not have wanted to carry the 300/2.8 that far (maybe by itself with one camera... but not with all the other lenses and two cameras I was toting that day).