I have the 1.4x TC II and the 70-200 II - image quality even with the mk II extender wide open at f4 is pretty damn close to faultless. I really have no hesitation to use the combo when I need the reach.
I did previously own the 70-200 I, and that lens with the 1.4x TC II was approaching usable at f5.6, but nothing worth mentioning really. I also owned the 2x TC II at the same time as the 70-200 I, and I can honestly say that no matter what, it was impossible to get an image with that combo which was better than using no TC and cropping.