Ring or speed flash?

Against my better judgement I will ask this question but only because I have had no luck in finding it anywhere else. So having said that... I am the proud owner of a Rebel XT and am curious to the difference in the ring style flash and the top mount speed flashes. Any help would be greatly appreciated.

I dont know much about ringlights, but I know that they are good for macro photograhy.

Speedlights(hotshoe mounted) are really versatile(You can bounce, mount them off camera, ect.) With speed lights you can get multiple units and have an entire wireless system, where the Canon ringlight(don't know which one), is only capable of triggering wireless units.

Ring flashes are good for macro as they do not cast a shadow over the subject from the lens getting between flash and subject. Some people also like them for portraits:
https://photography-on-the.net/forum/showthre​ad.php?t=203304
It gives nice ring shaped catchlights in the eyes but I don't like the halo of shadow around the subject, it would be reduced if he was further from the backdrop though.

another thing to remember is that the guide number ( power) of a ring flash is lower than a speedlight, also you cannot diffuse it or tilt it or bounce it, so your creative options are reduced.
IMO a hot-shoe mounted speedlite is the way to go. The 430Ex is great value, but I myself am holding out for a 580EX!

The ring light is very limited in its use (high-fashion, macro photography, specialized portraiture) whereas the shoe mount is more versitale. I have a 580, but when AB comes out with its ringflash I will buy that also.