Whether or not you need better than 1:2 depends on what you shoot.
1:2 isn't true macro, and when I'm shooting very small critters such as ants or small jumping spiders I need even more magification than 1:1.
From what I've read, the Life Size Converter works well, but adds more glass (potential IQ loss) and may cost you some light (probably 1 f-stop), and it's expensive. It's basically a 1.4X teleconverter with 8.3mm of extension.
Kenko tubes are cheaper, have no glass, but also cost light, and you'll have to get closer to your subject. But you have the option of using one, two, or all three tubes, giving you a bit of an option on amount of magnification you want.
If you're set on the LSC, I just checked the price on B&H and it's $279.95.
In this rare case, going to the Canon site can maybe save you some $. Looks like the price is $231.99 ONLY UNTIL 9 JULY:http://shop.usa.canon.com …uct_10051_10051_172381_-1
Hope this helps 