Hi Haircut,
Howdy stehsegler. glad u are using that combo as when i was buying a tele lens i was initially going to buy the 70-200 2.8 IS + 1.4 combination, and I'm still considering the lens on it's own without the converter, so I'm after as much feedback on it as I can get.
From my experience the 70-200 2.8, 2.8 IS and 4.0 are all pretty much on par. I have both the 2.8 and 2.8 IS. I feel the 2.8 has a slightly better image quality than the 2.8 IS. I haven't sold the 2.8 (non-IS) yet because I always find it is a nice lens to take traveling as it's quite a bit lighter than the IS version. I guess if you really want to save the money and don't need the extra two stops the 4.0 would do just fine.
However, I don't think using the 1.4 extender is worth combining with the 4.0. As for the other combos... you can see a difference in quality if you put the images next to each other. From my experience you really want to make sure you get the exposure within half a stop or quality will really suffer.
Overall, I have used both the 1.4 and 2.0 extender. Forget the 2.0 extender, it might be good for web resolution photos but anything above that and the images look real bad. The 1.4 works really well with the 70-200 2.8 and ok with the 500 f4 ... good enough that I will use it and get the shot rather than not using it and missing out. As for focusing speed, I can't speak for the 40D as I haven't used that combo yet but on the 5D, 1D Mark II and 1D Mark III it all works without a hitch.
One thing to consider when using a 1.4 extender on a 500mm lens is that you are starting to pick up quite a bit of ocean haze in the image. Think of it as the lens "compressing" multiple layers of air and hence picking up any moisture evaporating from the ocean. It's more prevalent at certain angles to the sun and during the mid day hours especially when the wind is light.
FYI, you can order lenses from either Adorama or BH Photo and Video in New York US. Both are pretty large reputable retails shifting large quantities of pro Canon gear. Prices are really good with the current value of the Australian dollar and warranty is usually honored locally... not that I have ever had to make use of warranty on L level lenses.
hope that helps.