Well its been rumoured for a good while but Canon have eventually updated the long standing 70-200 f/2.8 IS. So what’s change?, well not a lot really. They have added some extra UD glass and updated the optics which is the main thing. They have also added the new 4 stop IS system replacing the old 2 stop that was originally fitted.

In terms of weight and size there is very little difference, the new lens is only 20 grams lighter which is welcome but hardly revolutionary for 9 years worth of lens advancement. Its got updated controls with a wider focusing ring and better weather sealing to bring it up to the latest standards as well.

But the frankly shocking thing is the price, in the UK its MRRP is £2700, compared to the current retail price of about £1400 (way up from last year but that’s currency fluctuations for you)  the new lens is almost double the current lens. Personally I think unless it comes down a lot when it hits the retail stores I think Canon are getting a little greedy on the profits front and they need to wake up and smell the coffee. Canon have lost a 15% advantage in market share over the last 3 years if this carries on updated lenses or not they aren’t going to keep and lead at this rate.

Full Press release and Detailed specification below

5th January 2010 – Canon today adds to its acclaimed L-series with the launch of the new EF 70-200mm f/2.8L IS II USM telephoto zoom lens. The lens launches as the successor to the immensely popular EF 70-200mm f/2.8L IS USM, offering improved performance in every area.

True to the L-series’ heritage, the EF 70-200mm f/2.8L IS II USM delivers optical excellence in the most challenging situations. As well as a revamp of the internal optical system, the lens has also been structurally re-developed as a direct result of user feedback, making it as robust and reliable as it is optically advanced.

“Reuters’ photographers have used the EF 70-200mm f/2.8L IS USM for a number of years and it allows photographers a great level of flexibility,” said Reuters Production Editor Kevin Coombs. “The focal length, fast aperture and Image Stabilizer all contribute to it being a workhorse lens and you’ll find it in many professional photographers’ camera bags. I’m very much looking forward to seeing the improvements offered by the EF 70-200mm f/2.8L IS II USM.”

Premium quality, premium performance

The EF 70-200mm f/2.8L IS II USM features a re-designed optical system, consisting of 23 elements in 19 groups to deliver truly impressive results. A high-performance fluorite element is used at the heart of the lens path, coupled with no fewer than five ultra-low dispersion (UD) elements, drastically reducing chromatic aberration throughout the zoom range to produce high contrast images with edge-to-edge definition.

A high-speed Auto Focus (AF) system perfectly matches the abilities of the recently-launched EOS-1D Mark IV and EOS 7D Digital SLR (DSLR) cameras. The new model also features a ring-type USM AF motor, which combines with a new high-speed CPU and an optimised AF algorithm to make auto focusing both faster and quieter.

A reduced minimum focusing distance of 1.2 metres (3.9 ft) and improved 0.21x magnification will allow photographers to get closer to subjects without needing to swap lenses – greatly benefitting time-pressured news and events photographers who require flexibility. An updated Image Stabilizer mechanism also offers a shutter speed advantage equivalent to four-stops, reducing the effect of image blur resulting from camera shake in busy shooting environments.

Enhanced design, exceptional ease of use

As well as an update to the internal construction, the EF 70-200mm f/2.8L IS II USM features an enhanced external appearance to improve lens operation. The thickness of protruding exterior parts and switches has been significantly reduced, guarding against accidental switching and creating an improved overall look. The rubber focusing grip has also been redesigned and widened; with finely-patterned grooves making it easier to manually focus.

Being an L-series lens, the EF 70-200mm f/2.8L IS II USM is fully weatherproof, making it ideal for use in all weather conditions. The mount, focus mode switch and focusing ring all feature a completely dust and drip-proof structure, preventing dust or water from getting inside the camera and lens when used with accompanying weatherproof EOS bodies. The lens has been designed to stand up to the daily wear and tear of professional usage, making it a highly durable, reliable lens for use day-to-day by professional photographers.

High quality L-series accessories

The EF 70-200mm f/2.8L IS II USM is supplied with several accessories, including the new ET-87 Lens Hood and the Ring-Type Tripod Collar B (W). A brand new Lens Case LZ1326 is also included as standard, offering quick and easy access when users need to switch lenses in time-pressured situations.

Compatibility with a range of optional Canon accessories also allows users to pair the EF 70-200mm f/2.8L IS II USM with the Lens Extender EF 1.4x II, Lens Extender EF 2x II, Extension Tube EF 12 II, Extension Tube EF 25 II, and 77mm filters.