You'll notice a massive difference if anything goes wrong with the NON IS one, you'll be using it as a doorstop because theres no parts and Canon no longer support it
Other than that - the IS version is optically superior, but at this level of quality it's like counting angels on the head of a pin. They're both better optically than any other lens you own. They're both the same size, and the old version is about 10% heavier. That might make a difference if you're planning to hand hold. (Of course, the lack of IS will make a bigger difference if you plan to hand hold!) The old lens has a nice variable-speed focus-by-wire MF ring, like on the classic 200mm f/1.8, which Canon seem to have dropped in recent years.
Ken Rockwell has a good review of the non-IS version (written recently, in full knowledge of what the newer versions are like) here. He also has a comparison of Canon's 300mm lenses here.
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