Canon EF 75-300mm f/4-5.6 IS USM was Canon’s first lens with IS (image stabilizer). It has already been discontinued and replaced by the EF 70-300mm f/4-5.6 IS USM since October 2005.
The build quality of this lens is acceptable, in line with other consumer lenses made by Canon. It uses a micro-USM rather than ring USM focus motor, so it does not support full time manual focusing (FTM). The front of the lens rotates during focusing, so it isn’t really polarizer friendly. The first generation Canon IS is effective, but not as effective as the newer generations IS lenses. It can compensate for up to 2 stops rather than 3 stops in newer generations of IS. Focusing is slowish as well, accuracy is fine though. So combined with a smallish maximum aperture, this lens isn’t really suitable for fast action and sports.
The image quality is fine between 70-200m, but turns rather soft beyond 200mm. Although, depending on the subject you are shooting with with some sharpening during post-processing, it may be possible to get acceptable results. Your mileage may varies though.
The advantage of this lens now is that it has already been discontinued, so you can probably find it for quite cheap on the 2nd hand market. It maybe a fair choice if your budget is limited. The following are some sample shots I have made with this lens.