I have no way of comparing the two, but I love my 50-150. I bought it when I bought my 30D about 3 years ago. If I knew then what I know now, I probably would have saved for the Canon 70-200 f/2.8, but that would have been for the extra reach and IS. The cost difference, however, is significant. My 100-300 is only an f/4, so a bit more reach at f/2.8 sure would be nice (I'm considering the Canon 200 mm f/2.8 prime at the moment). That being said, the 50-150 is well built and the IQ is excellent. It seems to be the perfect range for my kids' basketball games, too. It focuses very quickly and quietly and the AF is spot-on with both my 30D and my 7D. The f/2.8 is very nice and it performs reasonably well all the way open. The downside is the shorter maximum focal length and the lack of IS. So, it depends on what you like to shoot. Is the 70-200 an IS? I don't think I'd trade this lens for an f/4.