From SportsShooter.com......I've had all 3 versions; and as covered already little weight difference between Mk 1 and 11; but a noticeable focus speed improvement. Version 3 (IS) is noticeably lighter but little difference in focus speed to the MK 11; plus the weather seal. I did have a water leak through the lens mount on my Mk 1 which nearly wrote off a camera. If you can afford it go IS, worth it for the weight alone !;
The earlier versions of the 400mm f4 DO weren't very good either, and although they say the lastest version is far improved, A friend has one and personally, I haven't been overly impressed with its performance for motorsport or aviation, its quite soft.
I didn't raise the DO before as it isn't 2.8. I had one for a while and do miss it. It isn't as sharp or contrasty as the 500 I sold it to buy, but I miss the flexibility of such a light lens with razor fast AF - especially for birds in flight.
If I find myself with "spare" cash in the future, I may even get another!