Canon has quietly released the new EF 70-200mm F2.8 L IS II USM. It claims that while its physically similar to it's predecessor, the new lens features a revised optical design, incorporating a fluorite element and no fewer than 5 UD elements for the correction of chromatic aberrations.
According to Canon's press release, photographers can now stand nearly 8 inches closer to their subject and achieve sharp focus and tight crops. The Image Stabilization is enhanced allowing it to compensate for shutter speeds up to four steps slower than 1/focal length, a one step improvement over the previous lens model.
The minimum focus distance has also been reduced to 1.2m, with a corresponding increase in maximum magnification to 0.21x, along with a modification resulting in a wider focusing ring.
There are no price indications yet, and the availability is in April.
The 70-200mm lens is one of my favorite lens, which I use often while photographing festivals and religious rituals. Actually, I have two. An older model (non-IS) which I've had for a decade now, and that has been dropped so many times that it sounds like a baby's rattle. It was the source of much hilarity from the participants in my Bhutan Photo-Expedition. The new one is the predecessor to the just announced model.
There's also a rumor floating around that Canon will soon announce a new version of the 24-70mm f2.8 with Image Stabilization. The IS feature will certainly add a hefty mark-up in its price.