Given its apparently modest specification when compared with Nikon's latest front-line AF-S zoom lenses, I'm sure that this lens is overlooked by many people. A simple eight element design, (now over 25 years old), no AF-S, no VR and no nanocoatings can make this lens look rather behind the times on paper. In addition, its appearance and finish are also characteristic of Nikon lens from a bygone era.
However, all of this is completely forgotten once you start to look at the images which it can produce. The levels of resolution, contrast and saturation are quite simply, second to none. In fairly close A-B comparisons, this lens produces significantly better images than Nikon's superb 70-200/f2.8 AF-S VR lens - something I would have previously thought barely possible! Like most of Nikon's f2.8 prime lenses, it can deliver excellent results wide open and by f4 is able to deliver its highest performance.
The long focal length and the ability to use this lens at wide apertures means that it is extremely effective at isolating subjects from their backgrounds, which are rendered with smooth creamy bokeh.
This lens illustrates the basic principle (rarely mentioned in current advertising etc.!) that all zoom lenses represent a compromise. To gain the, sometimes immensely useful, ability to change focal length, something must be traded off. Even with one of the best zoom lenses in the world such as the 70-200/f2.8 AF-S, some optical quality has been sacrificed - the fact that the lens has 21 pieces of glass inside illustrates this. If you want the very highest optical quality at around the 200mm mark then only the 180mm prime (or the 200mm f2, I guess!) delivers this without compromise.
Once you have seen the superb quality of the images which this lens produces, the whole package starts to make sense. The decades-old design is there because there's no reason to change it; AF-S and VR aren't there because they are unnecessary in many cases and the zoom range is `missing' because it would reduce the optical quality.
The result is a simple, fairly compact prime lens which is surprisingly easy to handle on the camera, given its focal length. Autofocus speed is brisk, due to the IF design, although not lightning fast like the latest lenses. The price tag also makes this something of a bargain. The only lens I can imagine improving on the 180mm f2.8 is the mighty 200mm f2 and the price differential here is massively in the 180's favour.
As always, the decision comes down to being clear about the kind of photography which you do regularly. If you have some choice over your shooting position, if your subject doesn't change its distance from you too much and your subject isn't doing over 100mph, then you will probably not miss the zoom facility too much. This means that you could produce stunning results in the portrait to medium telephoto range with this 180mm lens and an 85mm f1.4 AF-D (plenty around second-hand due to new super-pricy AF-S version). Your images will be sharper, more colourful and contrastier than those produced by the four-figure super space-age AF-S zooms like the 70-200mm f2.8 AF-S VR.
If, however, you need to answer `No' to any of my earlier questions, then the zoom lens may be for you. If you are photographing sports, motor sports, wildlife, speedy toddlers etc. then the lack of a zoom may mean that you would not get the image you need and this lens will not be for you. In these situations the wide zoom range, ultra-fast focusing, vibration reduction and excellent optical quality of the 70-200mm f2.8 will enable you to get the pictures that you want.
I absolutely love my 180mm f2.8 and shoot with it whenever I can. The lack of them on the secondhand market is no surprise whatsoever as I can't imagine ever selling it! I love the images it produces and the fact that their quality is so clearly a `cut above' much more expensive zooms. However, when shooting F1, Superbikes, aircraft or my three-year old son belting around the garden, only the 70-200/f2.8 will do!
It's horses for courses... :-)