Joan -
I have both a 75-300 and a 100-300 f5.6L
Whilst I've never really used the 75-300 (came as part of a deal with a camera and is currently on loan to someone), I used the 100-300 for about a yr before getting other glass.
My lens also provides approx 1:4 mag at shortest working distance (about 1.2m) ... but you'll need a subject that's just under 9cm wide (rather than 6) to fill the frame on your 400d (sensor is 22.2 x 14.8mm)
(I quickly checked mine - and it needs 85mm to fill the frame on a 10D (22.7mm)
Putting a full set of extension tubes (68mm) on this lens reduced the 85mm to 38.3mm ... to 'fill the frame' ... and working distance to approx 90cm
I often used this lens in this configuration and got a lot of enjoyment from this setup (only using D30 at the time) ...
With respect to your original Qs
If you're intending to mainly take pics of butterflies, in a 'setting' - then (strictly speaking) they're unlikely to be 'macro' shots because the field of view is likely to be much greater than 22mm
If *you're* happy with the results ... then what other ppl think is (almost) irrelevant, but - as ppl have already stated, a dedicated macro lens will almost certainly give you sharper images.
As you've already been bitten by the 'macro' bug (!), then I suspect you'll (want to) buy one at some time or other ... especially if you want to fill the frame with smaller details / subjects - which you won't be able to do with your 75-300, unless you add extension tubes and / or additional optics.
Using a 500mm lens for closeups (v. unlikely to be macro) is one thing ... but it's also likely to be a much more expensive (and heavier) option (for this type of work) than even a 180mm macro - let alone a 100 ... and would almost certainly be used with some sort of (substantial?) support.
One suggestion would be to buy some extension tubes -
Cheaper than a macro lens
Will effectively (more than) double the magnification you get with your 75-300
Can be used with any other lens (incl. a macro if you end up buying one) , therefore not wasted money.
No glass to further degrade the image.
You will lose some light because of the extension and you'll not be able to focus to infinity (unlike a true macro lens) ... so, if you suddenly become aware of that charging rhino (whilst photographing a nearby butterfly), you'll not be able to get that 'head-on' shot until it's within focus range ... 1.2 - 3m (maybe) :-)
As Dave said - I can see the difference between the 100-300 pics and other macro lenses I use.
Good luck
pp