I agree. You should be fine leaving it on when working with a monopod, unless you are extremely good with one and
hold the lens and camera rock steady.
To clarify, the IS on your 500 *does not* need to be turned off at all. It senses when it's on a tripod and turns
itself off.
As you are aware, the 300/4 does not do this and is one of the few remaining IS lenses that you actually need to
manually turn off IS when it's used on a tripod. (I think another is the 70-300 IS, but check the Canon site to
be sure.)
I use 70-200, 300/2.8 and 500/4 IS, mostly for sports (work related) and wildlife. I've had these lenses for
about seven years and I really can't recall the last time I turned IS off on any of them, whether using them
handheld, on a monopod, on a beanbag/car windowsill/fence post, on a tripod with a gimbal head set "loose" to
allow pans and tilts, or on a tripod with all the movements locked down tight. I will occasionally switch to Mode
1 or Mode 2 IS, but I really don't see a lot of difference between them.
I never quite get why some folks always seem to chime in to say "IS is of no use for sports shooting".
Of course it is!
I wonder if the folks who keep saying otherwise have ever stopped to ask themselves why it is that so many big
sporting events have been dominated by Canon's big white lenses on the sidelines? Until the last couple years,
they were the only ultra teles with IS. Do you think all those pros (or their employers) went to the trouble and
expense of switching to Canon, if they didn't find IS extremely useful. IS was the only key the Canon lenses
apart from some other very good lenses, until recently.
For one thing, IS helps at higher shutter speeds too.
And, personally I often deliberately use slower shutter speeds for sports shots, where IS is most definitely
useful. I just get a bit bored with nothing but "frozen in mid air" shots using 1/500 and up.
Finally, would every other camera manufacturer in the world be scrambling to add IS of some sort to their system,
if it weren't highly useful in a variety of different situations, including sports?
Go enjoy your new lens!. It'll work great I'm sure. Just remember to switch IS off if you put the lens on a
tripod with all the movements locked down tight. If you forget, IS will probably remind you by jumping around in
the viewfinder (a definite advantage over sensor-based methods of stabilization... you can see lens-based at work
in the VF)!