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The canon 1ds2 is the best bargain in photography, the only problem is that photography is all it can do. For less than the price of a 5d2, or a 7d, you get a 1 series camera that can still hold it's own in spite of it's age.
16mp full frame is just a stones throw away from the flagship 22mp of canon's 5d3- it's a difference that sounds more than it really is because in reality you have to quadruple the megapixel count to get a big difference- just look at 1080p HD and 4k UHD- 4k is 4x the resolution of 1080p.
I'll start with the negatives and get those out the way.
This camera is slow as molasses- I shoot it as a second body with a 1d3, and it's quick to focus (all 1 series are) but it's slow to write to a card, it is quicker with CF rather than SD but it's stll slow and the buffer gets filled very quickly- this is not a camera for sports.
The rear screen is horrible- good luck reviewing your images on that, and if you shoot for clients then they won't be able to see either.
multiple button presses- to change iso requires you to hold down a button and spin the wheel, it doesn't sound taxing but it's awkward, especially when you're shooting 2 different bodies. Also scrolling through pictures and zooming in and out is equally convoluted.
iso range- it tops out at 3200, which can be a problem
no auto ISO- this seemingly tiny feature is the real reason I sold this camera, it means if you want to keep a certain shutter speed (say to freeze motion) and keep a lens wide open or stopped down, there's no way to trick the camera into adjusting ISO to maintain exposure- a feature that is sorely missed and I use all the time on my mk3's
This camera has great, no, phenomenal image quality, but you pay for it in awkwardness- the 1ds3 doesn't improve on IQ at all, it just overhalls the antiquitated menu system this camera has. Don't buy this camera unless you think you can handle it, I thought I could, but I hated it so much I sold it the second I got a 1ds3
if you're in the market for one of these and you're comparing it to the 5d2- the decision you have to make is do you want the AF and build quality of the 1ds2, or the modern features (like live view) of the 5d2, both are very good cameras