70-200 f/4 or 2.8?

The f/2.8 non-IS is a 15 year old design which shows in that comparison. But compared to the only-10-year-old 2.8 IS (here) and brand new 2.8 IS II (here) the difference is not that much (if any).

That being said, to the OP, I would say save up your cash as much you can and get the 2.8 IS II. It's regarded as one of the best zoom lenses available today.
 

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