The 70-200 f/4 is a nice lens, but unless cost is a major issue I would go with either the IS f/4 version or one of the 2.8 versions.
Lets be honest, being able to shoot at 2.8 (vs f/4) is better for 2 huge reasons.
#1 - It lets you shoot in lower light
#2 - It allows you to shoot with a more shallow depth of field
Now even if you don't care about low light, theres no getting around the DOF difference.
The ability to throw backgrounds out of focus is so useful, and unlocks new and creative possibilities.
So basically I wouldnt get that lens, unless you simply can't afford a 2.8 version. This includes having to save a while for one.
Also if you do decide to go the f/4 route, I would get the IS version.
The reason I say get that one is not only because of the advantages that IS brings. It is mostly bcause it has weather sealing, and the non-IS version doesn't. This is a pretty big deal in my opinion, and it provides both superior longevity of the lens as well as peace of mind knowing that it is better protected from the environment.
I believe that the IS version is also a better performer optically (sharper, etc.) based on reading some reviews as well.
Neil