Originally Posted by MrT
Phrased like that, no. But that's because the 75-300mm zoom lens is a $150 cheap consumer zoom (there are a few flavors of that lens, none very good). There are also 3 flavors of 70-300mm zooms - one L-series (the one we've been discussing) as well as a non-L and a Diffractive Optics version.
The 70-300mm L @ 300mm is a little sharper than the 70-200mm II @ 280mm with the MkII extender. Honestly, in real-world use I don't think you would see any difference. The 70-200+1.4x is also a stop faster at f/4 vs. f/5.6. In terms of size, the 70-200mm + 1.4x is almost as long as the extended 100-400mm, whereas the 70-300mm L extended is shorter than the bare 70-200mm II. The other consideration is convenience - you mentioned having a use for both the 70mm and 300mm ends of the focal range, and with 70-200mm you have either that or a 98-280mm, with the need to perform three mounting operations (remove lens from body, mount extender to lens, mount extender to body or the reverse) to change between them.
The 70-300mm L is a compromise lens, but it's a very good compromise lens if you don't mind the slow/variable aperture. If you keep your existing 70-200mm f/2.8L IS along with that lens, you'll have the fast aperture when you need it.


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