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Actually I have found my Sigma 100-300 f/4 EX to be superior mostly to the Canon 100-400L. Its at least half a stop faster over the whole zoom lens, I think the focussing is slightly faster and its slightly sharper. It doesn't have IS/OS/VR but that can be substituted for good technique.
As for a replacement of the 100-400L, there is a strong argument to say its already here. Canon have recently launched a 70-300L IS, at a similar price point, and a 100-400 Mk II would tread on its toes unless they make it a constant f/4 which would be heavier and more expensive. The alternative would be to make it a 200-500 for example.
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