The 420EX is perhaps the best flash ever for the G2. It is reasonably powerful and exceptionally versatile.
A good portion of the versatility comes from the ability to twist and turn the head to bounce off various surfaces.
In addition, the exposure is controlled automatically (and very well) under an extreme variety of conditions.
The 550EX (which I don't have) is everything the 420EX is, plus has an infrared transmitter so that you could use a separate 420EX as a slave flash. The 420EX slave's output would be controlled automatically as well.
In my opinion, if you need slave flash setups often you would be better off spending the same money or less for some low-cost studio type flash equipment.
The 420EX is, however, something I would highly recommend. In addition, add the LumiQuest ProMax System bounce kit (see this link: http://www.lumiquest.com/lq931.htm
).