Purchased 70-300L for use on my 7D for daylight field sports, and most importantly, to carry while when traveling. Processed (in Lightroom & NIK Suite) images from the 7D + 70-300L compare very favorably with those from my 5D MkII + 70-200L MkII.
Compact; Light weight; Fast auto focus (with both full and panning modes); Full time manual focus; Very sharp images; Responds well to micro focus adjustment
Cost, but then again it has 'L' build quality and performance; Lens collar is both expensive and (currently) unavailable