The preflash is too quick to see - it happens between the time you depress the shutter and the image is actually taken. You won't notice it.
Does your 550EX say "ETTL" on the rear panel, or "M" or "Multi"? It should be E-TTL. Cycle the "mode" button until it says "ETTL".
Check the setting on both the flash or camera for +/- compensation. On the flash, hit "sel" and see if the compensation is +something, -something, or 0. Use the + and - buttons to adjust to 0. Do the same on the camera by pressing the metering/ +/- button and turning the rear dial until the FEC is centered at 0. (make sure the rear dial is turned on).
Then, press the "sel" button twice to make sure that bracketing is set to 0 (use the + and - buttons to set it there if it is not).
Check zoom matches the lens focal length (if on the camera and turned on). If the flash is not on the camera, the zoom should read " - -". If not, keep depressing the "zoom" button until it reads that way.
Next, check across the top of the flash display - it should read "E-TTL", then "zoom - - mm", with no other symbols. If there are any other symbols, depress the "+" and "-" buttons simultaneously 1-3 times until all symbols are gone.
What I'm doing here is trying to get you to the default settings on the flash. From there, you can move exposure compensation up or down as needed to get what you want.