I asked about this lens, I forget which thread...and nobody chimed in. Good to see some users actually have and enjoy it.
I've considered renting it, and still might...but I've decided to hold off on renting anything for a while.
I agree it should not be bought new at full price. However, a good used one, or perhaps a refurb...seems like a decent value, from the images and tests I've seen (although if you assume a refurb is a flawed lens that's been returned...then you might want to be leery...but I'm not sure how often this is the case with this lens, or any of the superteles via canon's "refurb").
For all the pomp about the 300 f/2.8 ii, once you slap on that 1.4x iii converter, it's not a vast improvement in sharpness, if any, over the bare 400 f/4 DO...from looking at Bryan's test comparison at the-digital-picture.com. It's really just when you compare both lenses bare with no TC, that the new 300 beats it hands down...along with every other L lens including the other series 2 superteles.
So the reasons I see for getting this instead of the new 300, is if you absolutely need the pound or so lighter weight...you want to save perhaps $800 to $1000 off the used price, and you can live with what must be vastly inferior image stabilization...and I would have to think a vastly slower autofocus (the 300 ii is said to be the fastest autofocusing lens in the world regardless of manufacturer).
The overall contrast is said to be poor via the 400 DO, but based on the great examples in this thread, and also if you have a look at other websites (such as pbase.com...although most examples there are small and shot over 5 years ago on inferior cameras)...you will find that it doesn't really lack for contrast all that much...especially if you add a touch in post, or in camera.
I've called for a new version at a wider focal length, but with a built in switchable TC or two. Most commenters did their best to say it was a stupid idea that would never happen, but I say that's a shame. A 250mm f/2.5 DO, or a 350mm f/3.5 DO, with built in TC, with similar sharpness to the other series 2 superteles...would be a fantastic, ultra lightweight lens...it seems to me. Maybe when they've sold all the 200-400 f/4 zooms they can build, they will consider trying a different approach, but I'm not holding my breath.