The EF 500L II is far from heavy for its class. True, it wasn't sent on a second diet like the RF's and EF III's, but its still the lightest 500 F4 out there. But don't fret, Canon will no doubt hurt the optical performance (even if only very specific and small losses) and lighten it further in the next iteration like they did with all of their other lenses.
I think the estimates are an additional pound or so of lightening by moving some the heavier elements rearward and shrinking them. Both improvements (shifting the balance rearward and lightening the lens) would be welcome, but as the other newer lenses have shown, that weight loss comes with a performance cost. Every next-gen lens has lost a relatively "significant" amount of resolution with TCs, but on the positive side have held very close to par on the bare lens. So people like me who use TCs a lot are not looking forward to the weight savings. However if the new 500L doesn't have a integrated TC, its a non-starter for me any way. Not even a 500 DO shift will budge me on that. Not in the market for a new lens for the sake of a new lens, its got to solve a problem. The old lens is too good to change for diminishing returns (or more likely, worse performance).
As far as the 200-500L rumor, that's great but not something I'm interested in owning. The zoom is going to be heavy. And I'm just not in the market for a 8-9lb 200-500 f/4. Its a sports shooter's dream monopod monster, but not very high on a wildlife shooter's list, IMO.