I've had and used the Canon EF 70-200mm f/2.8 IS USM for close to twenty years. I used it so much, I started looking around for a "backup" lens and bought an EF 70-200mm f/4L IS USM (identical to the one pictured) when I found a good deal on a very nice used one. I paid a good bit more than $525... BUT I got both the OEM lens hood and the OEM tripod mounting ring with it.
Frankly, I now use the f/4 lens more than I use the f/2.8. It's smaller, lighter and at least as sharp and fast focusing. In fact, it has more effective image stabilization (estimated to give 3 to 4 stops of assistance versus 2 to 3 stops in the original f/2.8). The f/4 lenses also use fluorite, which the original f/2.8 IS and the original f/2.8 non-IS don't. Fluorite is used as part of the optical formula to reduce or eliminate chromatic aberration that can be a problem in telephotos like these. All the other Canon 70-200s use fluorite (f/4 non-IS, f/4 IS, f/4 IS II, f/2.8 IS II and f/2.8 IS III). Only the original non-IS f/2.8 and the first version IS f/2.8 don't use it (they,re still very good lenses, in spite of this).
I only get out the f/2.8 lens now when I need the extra stop due to low light conditions. Otherwise, I found I was using it stopped down to f/4 or f/5.6 a lot of the time anyway, so might as well use the lighter (almost by half), smaller (by about 1/3) and less expensive (by about 1/3) f/4 lens.
Normally the f/4 lenses come with a matched, bayonet mount lens hood (like most L-series lenses). The hood used by the f/4 lenses is NOT a "tulip" style, as is used by the f/2.8 lenses. Still, it's quite effective and I don't use my lenses without hoods (makes for better protection than some filter could ever offer).
From all I've seen, there is little to be gained "upgrading" to the f/4 IS II... if you already have the original version of that lens. Both are excellent lenses.
On several occasions I've lent my 70-200mm f/2.8 to people to give it a try.... At least two of them opted to buy the smaller, lighter, less expensive f/4 lens... like the one pictured by the OP.... instead.
EDIT: As stated previously, the tripod mounting ring for the f/4 70-200mm lenses is sold separately (one is included with all the f/2.8 lenses and is one part of the reason they're more expensive). The Canon "Tripod Ring A" is rather pricey at $140 new (might find it for a bit less used). There are cheaper 3rd party "clones" that might work okay... such as the Vello for $50. Beware of even cheaper (~$25) as they are probably plastic and won't hold up to regular use. The way this ring is designed, with a hinge so that it can be installed or removed without removing the lens from the camera, means the ring has to be pretty precise fitting to lock properly. Don't skimp... Particularly if you buy one of the 3rd party clones, be sure to get it from a reputable store that allows returns if you are dissatisfied with what you get... and make a point of testing it on your lens immediately when you receive it, to be sure it locks sufficiently tightly.
The f/4 IS and non-IS both use 67mm filters. The newer f/4 IS II uses 72mm. It also has gained an additional blade in it's aperture, now has 9 (the earlier lenses have 8). Other differences include that Canon claims the II lens has more effective IS (up to 5 stops) and that its IS is quieter. It also has "Mode 3" IS, like some of the bigger teles with IS. This is a form of "instant stabilization"... it doesn't run immediately when the shutter release or AF On button is pressed... it only activates and stabilizes
during the actual exposure. Some people prefer this. Personally I don't use it (my 100-400L IS II has it). I prefer and find it helpful for IS to stabilize the image in my viewfinder, while I'm tracking moving subjects, before I trip the shutter to take a shot. The original f/4 IS only has Mode 1 and Mode 2 IS. (FYI: Mode 1 is "standard" stabilization, counteracting movement on both horizontal axis and vertical axis... Mode 2 is "panning" stabilization, which only counteracts movement on the vertical axis, so that it doesn't work against you when you're trying to cause deliberate background blur with a panned shot.)
You can read more about the EF 70-200mm f/4L IS USM (as shown above) here:
https://www.the-digital-picture.com/Reviews/Canon-EF-70-200mm-f-4.0-L-IS-USM-Lens-Review.aspxAnd you can read moreabout how the recently updated "II" version of it compares, here:
https://www.the-digital-picture.com/Reviews/Canon-EF-70-200mm-f-4L-IS-II-USM-Lens.aspxThis compares the various specifications of the two:
https://www.the-digital-picture.com/Reviews/Lens-Specifications.aspx?Lens=1198&LensComp=404And, perhaps most importantly, this tool can be used to compare the images quality of the original and II versions of the lens:
https://www.the-digital-picture.com/Reviews/ISO-12233-Sample-Crops.aspx?Lens=1198&Camera=979&Sample=0&FLI=3&API=0&LensComp=404&CameraComp=979&SampleComp=0&FLIComp=3&APIComp=0