See Nov 2008 Updates below for comparison between this lens and my new Canon EF 100-400mm f4.5-5.6 L IS
Pros:
Relatively light
Great bang for the buck
Pretty sharp at F/7.1 @ 500mm
Small size when zoomed to 200mm
Nice tripod mount that allows you to rotate the camera and lens
Cons:
Slow autofocus
No Image Stabilization
Cheap plastic build and feel
Slow max aperture especially at 500mm
Works best at long zoom settings on a tripod
Not as sharp as my Canon EF 100-400mm f4.5-5.6 L IS Zoom lens
I wanted more reach to photograph birds and the moon using my Canon 40D so I borrowed this lens for a few weeks from a friend while he borrows my Canon 70-200 F/2.8 L.
The first things you notice are it's pretty light and long especially when extended to 500mm with an even longer hood attached out past that. The hood seemed a little flimsy but attached firmly and stayed in place throughout shooting so I have no complaints about it.
My first shots were of the moon at 500mm hand held on manual mode at ISO 400 1/800th second at F/7.1. I was very pleased with how sharp and what great contrast this lens produced when I got back inside and downloaded to my Mac.
When attached to my monopod or tripod I liked the built in lens tripod mount as it easily allows you to rotate the camera and lens together easily without having to change settings on your tripod. I used this lens mainly on a monopod while shooting birds and this worked really well. I mainly used the lens at 500mm where it seemed really sharp at F/7.1 but pretty sharp wide open as well. Will try some more shots at shorter ranges and post later.
Conclusion:
If you are in the market for a 500mm lens especially one that's a zoom and in this price range and you don't need the speed of a faster lens then this may be the lens for you. I recently purchased a new Canon EF 100-400mm f4.5-5.6 L IS Zoom lens and find it much more useful especially since I am not tied to a tripod because of the freedom of the Image Stablizier. If you can afford it get the Canon 100-400 if you are on a budget and you don't mind using a tripod and having images that are softer then get the Tamron.
6-29-2008 Update
Despite being a really sharp lens, and a versatile one, there area several other things that make a lens a pleasure to use.
1. Fast auto-focus, this lens doesn't have it. After awhile of trading my Canon L lens back and forth with this one there's just too much I miss especially birds in flight. With a Canon L it's a snap.
2. Fast aperture, F/4 maybe I could put up with but when you get above F/5.6 you are getting into really slow territory.
I thought about getting a Canon 400mm F/5.6 L but this may be just a little too slow. I think I will continue to save up for the Canon 300 F/2.8 L. I know it's in another league from this lens, but I just can't give up the even better quality, fast aperture and lightening fast auto-focus. I'll buy a 2x multiplier to get out there further.
11-5-2008 Update:
I just bought a new Canon EF 100-400mm f4.5-5.6 L IS Zoom lens and there is just no comparison, The Canon 100-400 just blows away the Tamron lens in all areas except for reach which is another 100mm on the Tamron. I compared my old tripod mounted test photos with the Canon 100-400 test photos using the same settings and the 100-400 is shaper has better contrast and most importantly has image stabilization which allows me to use a much slower shutter speed and still get great sharp photos. The auto focus on the Canon is also faster.
11-14-2008 Update:
It was a full moon the last two nights perfect for taking my best shot of the moon with my new Canon 100-400 F/4.5 - F/5.6 IS L lens. I wanted to compare the best moon shot I got with the Tamron 200-500mm with my new Canon lens. The moon was full and night clear and I took a hand held shot at 1/400s F/7.1 ISO 100 with the Canon 40D same camera I used with the Tamron test. I then downloaded and processed the Raw photo using the same settings I used for the best moon shot I ever got with the Tamron.
Results: The Canon 100-400 had enough resolving power and was sharp enough where I could actually zoom in enough on the moon shot taken with the Tamron 200-500mm at 500mm and it was slightly better. The shots at 400mm with the Tamron were a step down from the 400mm shot with the Canon 100-400.
The other thing I noticed after looking through the directory with all the daytime Tamron 200-500mm vs the Canon 100-400 was how many shots I got with the Canon 100-400 lens that would not be possible with the Tamron because the Tamron has no Image Stabilizer and the Tamron focused much more slowly. The Tamron is more of a tripod bird perched on a branch lens the Canon 100-400 I can actually do bird in flight photos!
Verdict:
If you are on a budget and don't mind shooting from a tripod at motionless or near motionless subjects the Tarmon 200-500 can do, but... if you have the money at all you need to get the Canon 100-400 you will be getting more shots and with more resolving power even though the Canon is 100mm shorter.
Lenses I currently own:
Canon EF-S 17-55 F/2.8 IS Ultra sharp, great colors, great low light, poor zoom action
Canon EF-S 18-55mm f/3.5-5.6 Rebel XTi Kit lens Muddy, slow, pile of junk
Canon EF 17-40mm f/4 L Fantastic colors, sharp zoomed 17 to 24mm, ultra smooth zoom action, light weight
Canon EF 24-70mm f/2.8 L Fantastic colors and contrast, sharp zoomed 40 to 70mm, zoom a little stiff at first, heavy, repair prone!
Canon EF 50mm f/1.8 II Good budget portrait lens, light weight, disposable, sharp from F/2.5
Canon EF 85mm F/1.2 L II The best portrait lens for female and children clients, buttery smooth Bokeh, heavy and expensive it shares sharpness with 135mm
Canon EF 135mm F/2.0 L The best portrait lens for males and tied with Canon 85mm F 1/.2 for sharpest lens I own, buttery smooth Bokeh
Canon EF 70-200mm f/2.8 L fantastic colors, sharp for a zoom, very versatile ego boosting and attention getting and heavy! My favorite zoom lens!!!
Canon EF 100-400mm f4.5-5.6L great IS, super colors, sharp for a zoom, extremely versatile, variable Bokeh, even more ego boosting and attention getting when extended and 400mm reach!!
My next lens purchase I'm saving for right now: _Canon EF 300mm F/2.8 IS L the finest lens ever