Clarification of "Sealed"
Point is, it's not a sealed lens and dirt does enter the light box area.
Although it's true that this lens is not "sealed" from the point of view in that it does not push air or dust into the camera's mirror box, this lens is however *very thoroughly* weather sealed from the outside elements, unlike the 100-400.
I think the ideal usage of this lens is to, together with a 1-series body, form sealed combination that (assuming sufficient light, or high-ISO shooting) does not require lens changes. This is exactly how I use the combination, and I can attest that it is very, very airtight.
I always wondered how a push-pull design could at all be "airtight" (since it slides so easily), but I assure you that it is - last week I had to use a loan 1D Mk II N, and the rubber cover over the remote / flash socket is missing - so there is a small (~1mm) hole where the rubber "door" hinges off. If I push/pull the 28-300L, it very obviously blows or suck air through this tiny hole on the side of the body (and push/pull is easier than on my camera, i.e. no back-pressure). To force air through this tiny hole (instead of somewhere on the large push/pull sliding mechanism) really shows me that it is very well sealed indeed.
Again, assuming you're not shooting very low-light, this lens on a 1-series instills me with great confidence that I can get almost any shot, anywhere. I've never drenched it, but I have exposed it to terribly high (salty) humidity for long periods at a time with no ill effects, because I treat the whole thing as a sealed unit.
These aspects, to me, make up for the optical performance - although, this lens can be surprisingly good. I think people exaggerate the "compromises" a bit, I find it generally excellent. It's plenty sharp, and the two biggest "compromises" are the light falloff (vignetting - which I find only becomes a problem on shots with uninteresting background, e.g. sky) and the slowness.
And it really is versatile - these were all taken with it:
http://ic1.deviantart.com/fs15/f/2006/362/2/2/Inflatable_S33_by_philosomatographer.jpg
http://fc01.deviantart.com/fs14/f/2007/035/0/c/Pink_and_Green_by_philosomatographer.jpg
http://fc01.deviantart.com/fs13/f/2007/071/7/5/Miniature_Sovereignty_by_philosomatographer.jpg