I keep reading that this lens is excellent, but in my opinion it is just ok, but as it is the only short tele lens for the Canon system that allows tilt and shift with automated f-stop you're out of options if you need that.
Optically there are much better lenses out there, like the super-rotator with zeiss glass or the Rodagons with the divers T/S adapter solutions, but you'll lose auto-f-stop.
The 90 is ok at medium distances, but it wants to be stopped down quite a bit.
its sharpness pretty sucks at close range and when stopped down past f11 and it swallows a lot of light (nearly 1 stop at 60cm compared to the 100mm macro IS)
That said, it is one of the easiest TS-Lenses to handle, just metering when tilted or shifted doesn't work properly, so P-mode is out.
I've heard rumors of it being replaced for nearly a decade now. I think it is the oldest lens in Canon's line-up. It is really about time for a V2, especially whith the high MP camera comming out, but Canon is sound asleep at the wheel.
I always think running a Canon rumors website must be one of the dullest jobs available in the new economy