I don't think "versatile" fits because of its size. I use the big whites for Africa and field sports. The 400 2.8 is way better for both than an f/4 zoom and it may be smaller and lighter. Though Canon seems to keep coming up with ways to slash weight.
When in Africa, you don't need reach for mammals if you have a good photocentric guide. If you want to shoot small birds, you have an 800 f/5.6 and the IQ is still top notch. You always have a second body as well and the 100-500 is absolutely brilliant.
There may be things others shoot that would fit a big white f/4 zoom. I'd love to know what people used the 200-400 for, I have seen them in Africa, but other than that, I don't seem to.
I can see that I'm a bit late to the "EF 200-400 lovefest" /s.
First of all, I think that we shouldn't see it as a constant-aperture 200-400 f/4 lens, but a 200-560 f/4-5.6 lens.
I use it for motorsports (bike racing) and there you can't go out in the middle of the track to get the right shots. You stay where you're told to stay (behind the railings and fences). As an amateur, it's only when I shoot at my local club's trackdays that I can get to such a good spot - otherwise I need to stay with the plebs (read: the other spectators), behind a wire fence and even further away from the track.
For me, the utility of being able to zoom is fantastic. Would I like to have the RF 100-300/2.8? Yeah, but I'm not willing to pony for it at 98.000DKK (€13.150). I already have the EF 300/2.8 II, which I paid less than 1/3 of that for back in 2012 (yes neuro, I found the receipt by chance the other day). I have a true lovefest with that lens, and you'll pry it from my cold dead hands.
What I've found is that the EF 200-400 (and the EF 300) autofocus better/faster than the RF 100-500 (see
thread).
But yes, it's large. And it's (relatively) heavy. The used EF 400 f/2.8L IS USM I had for a short while was heavier. What I often do is to mount the lens on a monopod with a tilt head, with the end into a flagholder that is attached to a belt. That way, I can swivel freely and the weight is a nonproblem.
Sure, it would have been nice if it had more than a 2x zoom range (ignoring the extender), say 100-400, but that's probably exactly why Canon chose to add the integrated extender.