As a photographer who swears by prime lenses, I've never really adopted zooms as part of my essential kit. This lens, however, has changed my mind. It's very fast, autofuses superbly and produces the most uniform bokeh (back- foreground blur) I have seen in my work. I have the stunning 85mm 1.4, and the 70-200 competes - in terms of bokeh - with this.
Lens weight never worries me - being a youngish, fit male - but be aware that this lens is large (because it's well made) and unless you're very strong, you wont be hand-holding this for long stretches of time. When this lens is mated with my 1DS, with flash attached, it's impractical over long periods of time (like weddings) without monopod support.
But in terms of what you get for that extra weight: it's a stunning piece of glass and the results speak for themselves: superb contrast and colour; pin sharp, even wide open; silent, rugged and above all, it replaces several lenses in one go. I use this for portraits, landscapes and all manner of people related photography.
This competes with my 85mm in terms of usage times.
If you're unsure about whether you should buy this - don't be. From the minute you review your first series of images you'll love it.