The VR II model is Nikons flagship telephoto zoom for working professionals, it's an extremely precise tool and the price certainly reflects the performance you get from it. If you already own the 70-200 2.8 VR and want advice on upgrading skip to the "Previous Pros" section, because you can probably work out the rest.
Build Quality:
The lens feels like it was carved from a single hunk of metal. There is not the slightest indication of "cheaping out" on the materials on this lens. The entire barrel and mount is a very durable, strong metal. The 3 rings (zoom, focus and aesthetic) are rubber coated, but metal underneath. The filter ring has been rubberised on the outer edge which is an outstanding idea, because it protects that filter ring from getting dented or chipped, it's subtle but it's an inclusion that clearly shows the thought that went in to this lens. The zoom and focus rings move as smooth as butter, with a really good scale between 70-200mm (meaning none of the distances are grouped too closely like they are in cheap lenses)
Performance:
First of all, this lens is tack sharp. If anyone out there says different, there is a 20% chance they have a bad production model, and 80% chance that they simply don't know how to use a camera. At 2.8 it is sharp from centre to corner on a flat subject, obviously if it is curved it won't be sharp because of the DOF. This lens will cut your eyes at 5.6 where it reaches its prime in my opinion. The bokeh is outstanding at 200mm f2.8 it will literally eliminate the background and separate any subject clearly with about 3 feet clearance. Ghosts? None. CA? None. VR II is pretty decent, I can hand hold at 200mm and get steady shots at 1/8 second. This means nothing to you, but take it from me that it will make the difference between getting the shot and not getting the shot. The autofocus is about the quickest I've ever used, and is 99% perfect making sharp shots of distant moving subjects at f2.8 no big deal.
"I've heard this lens isn't a true 200mm focal length at 1.4m distance..." Don't worry about it, if you want to make small things big, buy a macro lens. You just see the bokeh at 200mm f2.8 at 1.4m and then you'll forget it was ever an issue, believe me.
Previous Pros:
In this new lens you gain more light (The aperture widens slightly more meaning it takes in more light in each exposure) The VR is improved for +1 stop although the mechanism is redesigned making it a BETTER VR system, so there are added benefits on top of the extra stop. Sharpness is improved, colour accuracy is improved, working distance is improved, vignetting is improved. But you lose those focus lock buttons (so learn to use the AF lock button on the back of your camera) and it's not quite as good for smaller subjects like butterflies.
Conclusion:
Right now in time, this is where it ends when it comes to professional grade zoom lenses (excluding the 200-400mm VRII) and you will not be disappointed by the performance. Hope this helps.