Adorama is selling the Canon EF 24-70 f/4L IS for $899 after an instant rebate as well as the $300 mail-in rebate from Canon. You must begin the checkout process to see the price of $1199 before the $300 mail-in rebate.
You can read our review of the lens here. For $899, I think this lens is a steal. I have one of these currently on my travels through Central and South America for its light weight, small size and macro in an emergency ability. I think it's a great value lens when it doesn't cost $1499!