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Which Canon Telephoto Lens should I purchase?

The EF 70-200mm f/4.0 USM L has a $40 rebate right now (539.99), making it slightly cheaper than the EF 70-300mm f4-5.6 IS USM (564.99). I will be using either lens as a Telephoto Zoom along with EF 28-135mm IS USM, EF 35-105mm f/3.5-4.5 Macro and EF 22-55mm f/4.5-5.6 USM (which I plan to sell since I have grown out of it). I then plan to buy decent standard and possibly large telephoto prime lenses to accompany my system. I am purchasing a Canon 40D (realize the 1.6X magnification) and already own an Elan 7E. I am a Graduate student/amateur photographer. I sometimes photograph weddings, but mostly abstract photography is my game. I usually cannot afford L series lenses, but this seems like the time to do so. The 70-300mm would give me a larger telephoto range + IS. The L Series has slightly better performance in all areas it seems, no IS but I have a decent tripod anyways + experience with said tripod. Should I go for the L Series lens and why? Renting would be nice but I'm living in the boonies.

Public Comments

1. Why dont you try to rent both of them and see what they look like through the camera. Only you can be the judge. The 70-300 sounds appealing, but the L is a higher rated lens (I dont own either). I guess what you need to ask is "do you need f/4.0 @ 200mm which has the same view as 320mm after the 1.6 crop factor. (Its like shooting with APS film, a smaller patch of film) 300mm has the same view as 460mm.
2. If you can bite the bullet go for the L lens. It is better, faster glass and be with you for a long time. You may change cameras over time, but you will always have your L lenses.