The Canon EF 70-200mm f/2.8L IS II USM Telephoto Zoom Lens improves upon its predecessor, one of the most acclaimed lenses in the Canon EF line, with superior performance, increased speed and optical quality. This lens is constructed of 23 elements in 19 groups (including 1 Fluorite and 5 UD elements) which help deliver the sharpness and reduced aberration which professional photographers rely upon from Canon. The IS II Optical Image Stabilizer provides up to 4 stops of correction at all focal lengths. This lens has a minimum focusing distance of 3.9' (1.2 m) at all zoom settings so you can get the shot when shooting close to your subject even in smaller spaces. Like all Canon L-series lenses, this telephoto zoom is dust- and moisture-resistant and designed to keep on going even in the most challenging of environments.
The EF 70-200mm F2.8 L IS USM was introduced way back in August 2001, supplementing (but not replacing) the non-stabilized 70-200mm F2.8 L USM in Canon's highly regarded telephoto lineup. This is a lens which can truly be described as a professional workhorse, with robust build (including dust and moisture resistance), wide F2.8 maximum aperture, fast and silent ultrasonic autofocus motor, and optical image stabilization for hand-holding at slow shutter speeds. The optical design is somewhere on the far side of complex; it features 23 elements in 18 groups, with 4 UD elements to provide compensation for chromatic aberration. According to Canon, this gives a 'high-resolution, high-contrast optical capability', as demanded from a lens which needs to perform all day, every day in the hands of professional photographers across a wide range of subjects and conditions.
The 70-200mm is an EF lens, and has presumably been designed from the outset for optimum performance on Canon's professional 1-series DSLRs, with their full-frame 35mm and 1.3x crop (APS-H) formats (indeed the original EOS-1D was announced just a month after this lens, with the full-frame EOS-1Ds following a year later). However it's also fully at home on all of Canon's APS-C DSLRS, here providing a 112-320mm equivalent angle of view.
My Is It Worth It? page explains that if you use this lens full time for a living, of course get this Canon 70-200mm f/2.8 IS because you'll appreciate its benefits every day, long after you forgot what you paid for it. If you worry about the cost and don't use it all day, every day, you'll probably appreciate the cash left in your pocket with the less expensive lenses and the lighter weight.