Neat little way of boosting the range of your L-glass. I've actually owned the 2x Extender as well and to be honest never really got on with that. I had sharpness issues and focusing problems, which I seem to be free of with the 1.4.
Attach it to a 300 f/2.8 or a 70-200 f/2.8 and you don't really loose much, if anything, especially on a tripod. If you want added reach on something large and expensive like Canon's range of super telephoto lenses, this is a cheap way of not having to spend a couple of grand more on more expensive glass. On my 300 f/2.8 it makes it a 420mm f/4, which as I said on a tripod, has virtually no noticeable loss in apparent sharpness, and not much in aperture to boot. It weighs virtually nothing as well, meaning you simply won't notice it added to your camera bag.