If those specs are true, a 0.7x max mag is pretty darn close to a true macro, and much higher than any other non-macro lens in the lineup. (the 24-105 is 0.3x, 24-70 is 0.29x, 24-70 II is 0.21x). The use of H-IS would be consistent with that high max mag.

So, it would seem to 'fill the void' of a combination general purpose zoom and macro lens.