I note, with my sample of the Canon 300 F4 IS, that the IS is a bit clunky/noisy and only moderately effective compared to newer lenses. The AF is OK but for moving subjects (in my case Birds in flight) turning the IS off speeds it up quite a bit. F4 can be a bit limiting.
That's enough of the downside!
The upside is - it's small, it's light, the IQ is excellent (when you get the shot right!) and on my 1D4 you can do fairly vicious crops and get excellent A4 prints even A3 if you don't get too over enthusiastic when cropping.
It's not perfect, but in this price range it's a cracker. I am planning on a 300 F2.8 IS in the future, but I thinkk I will keep the F4 as well.
Life is for living, cameras are to capture it (one day I will learn how!).