Canon 70-200mm F/4L or Canon 70-300 f/4-5.6 USM or other suggestions?

[preppyak]

do you need the zoom or the reach?
considered just picking up a 200 f2.8L

no IS either but it is a stop faster and is smaller and less conspicuous

Well, for shooting portraits and candids, the reach may be really useful. Likewise the IS in a lower light scenario. I went from the 70-200 f/4L IS to the 200 f/2.8 because it was faster and I shot a lot of action (and used it mostly at 200mm anyway). So, IS didn't help me, but the extra stop does.

Considering you already have a 50mm and 85mm prime, then I'd say a tele-zoom is probably a nice accompaniment to that. The 70-200's are both great, and the suggestion for the 70-300L is good too. If you want it now, the non-IS lens is a great value, and your 5dIII will allow you to get away wiht pretty high ISO's. If you can wait, both the L IS lenses are pretty stunning