Hmmmm, based on my own experience, an L lens is definitely better.
same conclusion here.
the IS probably helps getting sharper shots - that is... for folks that need it.
colour and contrast for canon L lenses, I'd rank alongside leica's and zeiss' - each has its particular strengths. sharpness and bokeh to a certain extent is overrated.
for those who prefer only things that can be measured, here are more technical analysis from photozone.de. Note that you are comparing an EF-S lens to to a full frame lens on a cropped sensor body.
Lens Build
[EF-S 17-55mm f/2.8 USM IS ]
19 elements in 12 groups including three aspherical elements plus two UD (ultra-low dispersion) elements.
[EF 17-40mm f/4 L]The optical construction is made of 12 elements in 9 groups, including one SUD (
Super Ultra-low Dispersion) elements and three aspherical elements (one molded and two replica asphericals) so it's quite obvious that Canon has put quite some efforts into the design.
Distortions
The EF-S 17-55mm f/2.8 USM IS exhibited average distortion figures for a lens in this class. As expected there're relatively pronounced barrel distortions (2%) at 17mm which even out very shortly beyond. At 24mm there're already marginal pincushion distortions which increase continuously towards the long end of the zoom range (1.15%).
[for 17-40mm f/4 L] At 17mm the lens exhibits quite strong barrel distortions (~2.5%). At 24mm there're very slight barrel distortions whereas
at 40mm the problem is negligible.
Vignetting
The EF-S 17-55mm is a reduced image circle lens and these lenses tend to produce higher vignetting figures. Unfortunately the lens is no exception to the rule. At f/2.8 the lens shows very pronounced vignetting around 1EV at all focal lengths. Stopping down helps to reduce the problem and from f/4 it's reasonably well controlled. However, it is a weak spot of this lens.
APS-C DSLRs such as the EOS 350D can take advantage of the sweet spot of full format lenses so vignetting is no big issue with the 17-40mm f/4L here. Surprisingly vignetting is slightly more pronounced at the long end with may be an effect originating in the sensor characteristics.
MTF (resolution)
Unlike most other dedicated APS-C zooms the EF-S 17-55mm f/2.8 USM IS delivered a very impressive performance throughout the zoom range. In fact the center resolution of the lens is among the very best tested to date (incl. fix-focals) and it probably exceeds the limits of the 8 MP sensor of the EOS 350D (used for testing). The lens is also capable to deliver corner to corner sharpness though there's (naturally) a little penalty at the image borders. However, even the extreme corners stay in
very good territory and stopping down helps to lift the figures even further. There's a marginal drop in performance at 55mm at f/2.8 but even here there's little to worry about.The lens showed a slight degree of field curvature at 17mm.
The EF 17-40mm f/4 L showed an excellent performance in the lab. It's quite safe to assume that the peak performance in the center exceeded the resolution limits of the 8 megapixel sensor of the EOS 350D. The borders are very good though stopping down a little helps to lift up the resolution almost to center quality. It is worth to mention that the extreme borders did not fall apart like e.g. with the Sigma AF 18-50mm f/2.8 EX - that's a plus when using a full frame lens on a DSLR with reduced image circle. The performance peaks around f/8. Thereafter diffraction effects introduce a negative effect (unavoidable).