Should I get the Canon 70-200mm f/4 L? Without IS? I can't decide.?

It seems like no good because 1. its cheap 2. not the best aperture 3. no IS. Is it only an L lens for the build but not the optics? Like isn't the Canon 3.5-5.6 better optically if they were at the same focal lengths? No IS at that kind of focal length seems too bad to not have so is it a good lens? Its an L lens! What would it be good for?