I had a Canon 1.4 before and now use a kenko Pro 1.4X. I tested them both heavily on a 300 f2.8L IS and a 70-200 f2.8L. My conclusion was both were equally sharp with a slight edge in color going to the Canon. I kept the Kenko because it doesn't have the protruding rear element like the Canon and thus will work on pretty much any lens. You will love either on the 70-200 f4L IS as that lens takes a TC as well as the 300 did (meaning it stays extremely sharp with fast AF.)
BTW as Walt mentioned you lose 1 stop with a 1.4X and 2 stops with a 2X but the 70-200 will still AF fine on any of the Canon bodies as it becomes a 280mm f5.6 with the 1.4X on. what's interesting is that stacking 2 1.4's seem to work better then a single 2X on that lens as well (but if you need that kind of reach all the time you might as well get a 400mm.)
I rented the 2x once and didn't like it at all... maybe I just had a bad one. I need to put the 1.4x on my list of items to get though. Shooting from shore to boat, I need just a little more than my 200mm gives me.