I'd take the 1.4x + 70-200mm ANY DAY over a 100-400. The former is much much sharper and the 1.4x doesn't degrade the image.
This is what I did, although I did it with the f/2.8 IS version of the 70-200.
There's a "400 vs 400" review out there (dpreview?) that showed that the 2x isn't the equal of the 100-400, but the 1.4x does appear to edge it out, and you get 3/4's of the way with this combination.
Other factors that I considered...
- combination yields f/4 at 280mm, whereas the 100-400 is probably f/5.6 by this point, so its a faster lens combination.
- one can take the 1.4x off and pick up another stop (f/2.8 to 200mm)
And this one was an interesting comment I came across; still not sure of its a real concern, or all that significant:
- the 100-400 is a push-pull zoom design, which must allow air to get inside the lens someplace, and which can introduce dust.
FWIW, when I was deciding, it was both my first dSLR, and my first ever safari to Africa, where 'dust' has been a huge topic. This was also in the mid/late 2005 timeframe, which was in the earlier days of the digital sensor cleaning learning curve...some of the urban legends back then were that a single particle of dust was horrific and if it got within 300ft of you gear, the sensor's electrostatics would "suck it in" to ruin your day
In hindsight, I still don't know if "pump action" zooms are dust nightmares or not, but I have seen that the Canon EF 100-400 IS is not an uncommon lens selection for Safaris. Thus said, with my current configuration, I believe that I'm close enough to not really need to pick up a 100-400 now, and that my next likely step would be something in the 400mm to 500mm range and probably also complementary to stacking a 1.4x on it as well.
FWIW, one wildlife photographer whose gear selections I'm paying attention to is
Art Wolfe. He has a TV program on Public Television that does a nice job of illustrating both the destination as well as giving you insight into how he photographs it ... and even the Videographer does a nice job!
Here's the gear list that Art carries; note that he's using Full Frame dSLRs:
Canon EOS 1Ds Mark II body
Canon EOS 5D body
Canon 16-35mm f/2.8L USM lens
Canon 24-70mm f/2.8L USM lens
Canon 70-200mm f/2.8L IS USM lens
Canon TS-E 90mm f/2.8 Tilt-Shift lens
Canon 400mm f/4 DO IS USM lens
Galen Rowell graduated neutral density filters
Lexar Pro 80x and 133x 4GB CF cards
Gitzo 1348 Carbon Fiber Tripod with the Arca Swiss Ballhead
(12) 60 120GB USB 2.0 external drives
-hh