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All depends on what you need it for. Simple as that really ...
For video use, the occasional shots I need a 70-200mm. I went for the Canon fitment Tamron 70-200mm F2.8 VC (with stabilization). And I have to admit, I am so glad I didn't spend silly money on the Canons as I am more than happy with it on my FS700.
Technically Mark II has to be better and is indeed better. But in the real world, which is better really depends. For example, as this is quite a big heavy lens, I doubt you want to shoot video without mounting it on a tripod (or at least on some support). That makes the improved IS on Mark II practically worthless. In fact, many went for the non-IS versions for they believe the extra money for IS would be wasted if the lens is used on a tripod.