The Canon EF 200mm f/2L IS is an outstanding lens which can be nit-picked for minor issues only. Every image taken with it shows outstanding sharpness along with very pleasing bokeh. Be sure to see the comparison crops in the 70-200mm f/2L IS II review.
Who might want such a lens? Indoor sports photographers, or those shooting theater, fashion, candids at various events and similar. But landscape shooters will find much to like about it, especially those looking for a more classic perspective (view camera compression) and/or one that steps outside the postcard genre. It can also make a great lens for portraiture or certain types of wildlife, especially on a 1.3X-crop sensor, such as the Canon 1D Mark IV.
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