Yes, it's a lot of money, but in context, it's actually not as bad as it could've been. In fact, it's almost the same price as the Canon 400mm F/2.8. Sure, you lose that stop of light, but you gain tons more versatility. Of course, if you can give up a little more F-number, you can get the 100-400 F/4.5-5.6L IS and an 1.4X III extender for about 1/6th the total price of the 200-400mm. But, then you start introducing AF issues.