For good general purpose budget telephoto lenses you could look at the Tamron 70-300 VC or the Canon 55-250 IS which is even cheaper. I don't think the Canon 70-300 is worth it- in need of a refresh.
If you wanted something faster you could get pick up an older Sigma 70-200 f2.8 or Tamron 70-200 f2.8. All have pros and cons. I would probably side with the more modern lenses given you haven't really identified anything specific that calls for a constant aperture.
70-200mm F4L is indeed amazing when it comes to picture quality/sharpness etc but if this is your only telephone lens, you might wish you had more range when you start using it (I did! )
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