Andy - you have the right idea. This thread
could turn into a "Chevy-Ford" debate.
I own the Sigma, have never owned the Canon, but have borrowed one for a number of games. I am a freelancer, sell most of my work to the local newspaper, and most of those are high school sports. I use the Sigma for football, soccer, baseball, and softball - almost all of which are night games here in deep South Texas. I shoot a 1D Mk III, but have used the lens on a 30D as well.
First - the Sigma is not a Canon. 'nuff said. All my other glass is Canon.
Pluses for the Sigma:
* The flexibility of a zoom. When shooting football and there is a goal-line play, the Canon prime shooters have to back up. I just dial back my zoom. I can get a nice combination of pitcher/catcher/batter by shooting over the outfield fence in a softball game, then dial back to get a tight shot of a close play at third base when I am on the third base side. I don't have to lug two camera bodies to get my shots.
* Speed - its constant 2.8.
* Optical quality. Now, some will be accurate in saying that my old eyes are not what they used to be, but in all honesty, I don't see any appreciable difference in the quality of my Sigma shots and the Canon. Nick mentions CA issues at 120, and I have read other folks' reviews citing the same problem, but I've never had the problem myself.
* Cost - new, the lens costs a thousand dollars less than the Canon. I bought mine used for another thousand dollars less. Canon= $3,900. My Sigma cost $1,800. New it costs $2,700
Minuses for the Sigma
* The focus speed is a little slower, but not much. Kent mentioned the keeper rate being worse with the Sigma, but I always had plenty of keepers to turn in to the editor. I've never kept track of my keeper ratio (too much like work), but I certainly have lots of properly focused shots from each game.
* It does not have a focus limiter, which is handy sometimes, especially in football.
* It is not weather sealed. Rainy-day football games make for good photos (especially on natural turf), but I just put a plastic garbage bag over the lens and shoot away. Nonetheless, the Canon is weather sealed.
I post this shot knowing that a highly compressed shot in JPG on a computer monitor is not representative of the true quality of a lens/camera combination. But, it was taken with a 30D, which does not acquire focus as quickly as the 1D Mk III.
Have I considered buying the Canon? Yes - and I still may do that, but frankly, if I do, it will be to show off with a white lens. I am quite satisfied with the Sigma. True - its not up to Canon L glass quality, but the drastically lower cost and the flexibility of a zoom make it work for me.
Now - if Canon would come out with a fast zoom in that focal range . . . . .