Agreed, with the 1.4 you're looking at a 5.6 lens, not too bad for most situations but with a 2x your at f/8, down to f/11 or 16 for decent sharpness.
But think about it, if you slap a 1.4 onto a 70-200, you get yourself a 300/5.6 on the long end (280mm really), wouldn't it be easier to buy a 70-300 for when you want the range? Canon has a 70-300 USM that focuses faster than the basic versions, and you retain the wide end at 70mm instead of losing it to 98mm with the TC. They also have a 100-300 which although older design, I'm told has better optics. Also USM. Then again, if you're traveling, the TC is easier to pack.
Review on the 100-300:
http://www.the-digital-picture.com/R...ns-Review.aspx
Link to a person selling the 100-300 in the Buy/Sell section (and for less than the cost of the 1.4x:
http://www.texasphotoforum.com/forum...hlight=100-300