I have a 380 EX and the switch is to change from regular flash to high speed sync. You need to check with your camera to see if it supports the high speed sync.
If memory serves me correctly ( and it doesn't often ) the flash is substantially hotter on high speed and will eat up your batteries faster, but the faster shutter speed will stop motion better for fill in or shots taken when there is a fair amount of ambient light. In shots taken in darker conditions, there is no real worry about stopping motion with the shutter because the flash duration is so short.
I hope this was made clear, and I hope my memory is not faulty.
Remember, advice is worth what you pay for it. So I guess that means if you want this post to have been accurate and helpful send money. haha
Paul
"The only bad questions are those that aren't asked."