Your question is really hard to answer. I own the 85mm f/1.2 Version II and the 70-200 f/2.8 IS Version II as well. I use them for a variety of purposes, none of which might coincide with your uses. Things are comnplicated by you owning a 7D as your camera of choice. I, and probably the majority of those using the 85 and 70-200 have a full frame camera on which to use them. It is not necessary to have full frame to love using either lens; it's just that the difference in angle of view between the two formats makes my uses potentially different from yours.
One use I make of the 85 is the obvious - for very narrow depth of field portraits. I shoot mostly at f/1.6 to f/2.8 because shooting at f/1.2 and getting all the parts of my subjects' faces in focus is usually too hard to do quickly and consistantly, and viewing wide open at f/1.2 gives me a better chance for an f/1.6 exposure to be spot-on focused. Occasionally I'll get the odd shot to look great wide open, but I can't count on it. This is not a "fault" of the lens, but a result of my shooting style and the laws of optical physics. Usually, careful manual focus is more reliable than autofocus for this purpose. I also use this lens very successfully for - amazingly enough - very narrow depth of field product shots. The focusing routine here is about the same, but I am more likely to shoot at f/1.2 or 1.4 because it's easier to use the narrow focus on products and small objects (i.e., easier than people's faces - which have a certain fixed distance between eyes, nose tips, and ears). This lens is amazing for both purposes, and its bokeh is deservedly famous for its great dreamy and smooth character.
The 70-200 f/2.8 ver. It is another animal entirely. I use this lens much more. Hey, it's a zoom, for goodness sake, meaning that it can replace many fixed focal length lenses - and it does. This lens is so sharp, that, aside from the 85 with its amazing maximum aperture performance and sharpness, I need no other lenses in its focal length range, with the exception of special purpose TSE and macro lenses. This makes the zoom much more versatile - what it's meant to be. And, you can confidantly shoot this lens wide open if you wish; it's that sharp and good, and only gets a little better by f/5.6 at any focal length. When I have a large or medium size product, groups of people to be shot quickly, people shots that work best at focal lengths different from 85mm, environments that need a longer lens, any situations where fast changes from one focal length to another are helpful, action (sports), or just anything that I'm trying to capture that moves or has the potential to move, this lens is the one to go to. The biggest negative is that this lens is heavy and somehwhat large, so that if that is a controlling factor, beware; of course, the 85 is quite heavy itself, but is still quite a bit lighter and smaller than the zoom. The bokeh is a little more "nervous" than that of the 85, but it's excellent for a complex zoom wide open or one stop down. In any case, the bokeh of all other lenses in its focal length range is nervous compared to that of the 85.
There you have it - my use of the two lenses in question laid out for you. What you do, especially as your camera would render the two lenses' "effective" focal lengths to become equal to 135mm for the 85mm, and 112-320 for the 70-200, on a full frame camera, makes my uses not as indicative of what you might best use them for. You really need to think this one through for yourself.
Regards,
David
