I understand and have seen some excellent photos taken with it, which is why I bought it. I thought it would be a great companion when I shoot wildlife with my 300mm because I could stick it in my pocket. For some reason, I just never found a use for it, though. I guess what really ruined me on it was the EOS-M that I bought not long after the 40. I can take it along with the 22mm in a package that's still very portable. Why take lens when I can have another camera and lens

And for a bit more space, I can take the M + 18-55 IS and that covers a whole lot.
I think that experience is what's keeping me from the 35 IS. I thought Dustin's review might sway me more towards it, but I still don't think it would see much use in my kit. The gap between my 24L II and 50L just isn't big enough for me to justify the cost and unlike the old 35 it's almost the same size as my 50 (
TDP link).