I use the 70-200 f/2.8 L IS II with the 2x III extender, and while it gives really great results, it falls shy of the 100-400 f4.5-5.6 L IS from what've I've seen comparing my shots with other folks.
that being said, the fact that the 70-200 + 2x comes as close as it does means I'm not interested at all in any other 400mm lens at f/5.6.
in terms of the update cycle, Canon does seem to be really cranking through the new/replacement lenses fairly quickly, so it's possible the venerable 100-400 shotgun will get replaced within the next couple of years. but if you need it anytime sooner than the end of 2014, I wouldn't hold my breath for it.
... still hoping the 400 f/5.6 L IS gets replaced by a 500 f/5.6 L IS ...