Haha I see, so you rarely, if ever, use the 17-40 on your 7D then. Which lens would have your vote if you had to use the 7D exclusively? 17-55?
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No, the 17-55mm has a *big* edge. You're comparing the 17-55mm on a 50D (APS-C) with the 17-40mm on a 1DsIII (FF). The FF should be the clear winner (you can see the difference if you compare both bodies with the same lens, try the 200/2L or 200/2.8L). The fact that they're even close in the comparison tool means the 17-55mm is much better on APS-C.
The much talked about dust issue was 1) greatly overstated and 2) fully diagnosed and treated. 17-55 owners who began noticing dust were owners that did not use filters. Dust was getting into the body of the lens around the front element. Putting a filter on the lens completes the sealing and keeps the dust out. No one I know of who keeps a filter on this lens has ever reported a dust issue.
The 17-40 was designed as a wide-angle zoom for film/ff bodies. That is what it is best at. The 17-55 is purpose built as a standard zoom for APS-C bodies. That is what it is best at. The 17-40 is competent as an APS-C standard zoom, but not the best. The 17-55 is better in that capacity. I would recommend to anyone buying a standard zoom lens for an APS-C body to get the 17-55 because it is the best lens for the job.
However, you already own the 17-40. Finding differences in real world IQ between the two might be a task in splitting some fine hairs, especially if you primarily shoot from tripod (thus eliminating the 17-55's IS advantage). For me the biggest issue with the 17-40 as a standard zoom is that 40mm is just too short on the long end for flattering portraiture. But you'll have to make that call based on how and what you shoot.
Thanks for all the replies! I have no doubt that if I was choosing between 17-40 and 17-55 for the first time that I'd go for the latter. However, given that I already have the 17-40 and that the 17-55 is an EF-S glass, I think I'll simply *suffer* the former and save up my money for the 5DIII.
Still getting the 70-200 L IS II though.
Thanks again!