I too was in your boat. I owned the 70-200mm f/4 for almost 3 years and it was a great lens. It was tack sharp wide open and it was about 1.5lbs so it was not too bad to walk around with (I had a 40D at the time, upgraded now to 5D MIII). I never had an issues with the lens and on my crop made for a very nice portrait lens. I have now upgraded to the 70-200mm f/2.8 II and sold the f/4 and this is easily the best lens I own (it's ultra responsive responsive as the f/4 was and tack sharp at all apertures but it's tack sharp at 2.8 which a lot of zooms are not). HOWEVER, it weighs twice as much and is like $1k more. I will remove the tripod collar when I am out to reduce the weight somewhat so believe me there are times when I do miss the f/4! But I really wanted the f/2.8 even at double the weight. You cannot go wrong either way and the f/4 is an excellent lens. Ideally I would have kept both!
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