If not, why, and what are the options in the same price range?
closed as not a real question by rfusca Aug 14 '12 at 14:17
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This question is going to be very difficult question to answer, as there is not enough details.
In general the 70-200F4 is a nice lens, because of it's relatively light weight compared to it's long focal length, and it's low cost compared to the other 3 Canon lenses in this focal range. The 70-200 range is an effective range for many types of photography, with a number of photographers citing it as their favorite range to work with.
In low-light settings, the 70-200F4 does have an obvious disadvantage with it's one-stop less light compared to the F2.8 variants. It also does not have Image Stabilization, making the lens less desirable for indoor/low light shooting.
Specific to using the 7D, since the 7D has good high-iso image quality, the F4 isn't necessarily a hindrance for low light shots. The 7D's autofocus system is all cross-type which IIRC get extra sensitivity at F2.8, which means using the 70-200F4, the AF system may not be as performant as the F2.8 variants.
So to answer your question: assuming the 70-200 is the focal range you want (taking into account the 1.6x Field of View crop), and fits into your budget, the 70-200 is more than good enough for the 7D.