Almost, But not quite...

This lens is a nice, sharp piece of glass, but for the price, you can do MUCH better in the Canon line.

If you are replacing a 'kit' lens, you will be floored by the difference- There is simply NO comparison. However, placed side by side with an "L" series, you will be disappointed. It doesn't quite meet the optical standards of the L's, and is not of the same build quality.

It does have Image stabilization, which the L's don't have in this focal range, but that is of somewhat limited use in this range, which is PROBABLY why the L's don't have it. After using Image Stabilization on Telephotos, I would not go without it, but on a wide angle like this I kind of question its' necessity.

f 2.8 is fast enough for most inside and outside work that you are likely to do. You can get nice background blurs with this lens, too. Not an IDEAL portrait lens, but it will work.

Bottom line is once you've spent this much, you'd probably be better off spending a little LESS and getting the 17-40 "L", which despite it being a little slower is a very sharp lens. Or, if you need something a little faster, spending a little more and buy the 16-35 f/2.8 L. Yeah, it's expensive, but you pay for quality. No image stabilizers, but you won't need it!

Don't get me wrong- this is a nice lens, I just don't think that it is worth what Canon thinks that it is worth!
It also doesn't come with a hood.