I've owned it concurrently with the 70-200 IS2, sold the 200 L II. Optically, they are about the same...pixel peeping comparisons would sway me one direction or the other depending on the shot, they are that close.
I miss the light weight, small size, black color, low cost of ownership. I don't miss the lack of IS and lack of zoom. It's definitely a trade off between these two choices. After lugging around the 70-200 and considering how much $ I have tied up in it, I almost wish I kept the 200 and sold the IS2 instead. They are that close. But for the time being, I'll keep enjoying the IS and zoom...and the upper body workout from lugging around the IS2...
If the IS2 is out of the picture for you, the 200 L II is a superb lens IMO if that's the length you want. Very fast AF, and IQ is in the top 3 Canon "bang for buck" category IMO. And yes, if you practice good holding and shutter button technique it is quite manageable shooting handheld. And of course a monopod is also an option that is still light weight an compact should you need it. And ditto the excellent results using it with a 1.4 TC III.