A better compromise might be the 420EX, the replacement for the 380EX. 
It's about the same price, only slightly bigger and offers many more 
features: tilt and swivel bounce capable (380EX is tilt only), slightly 
more powerful, and wireless TTL capable (so it works as a slave with the 
Speedlite transmitter or with a 550EX as the master flash.)

jack 

>
>> Also I'm also looking at buying a point and shoot digicam with a five pin
>> flash connection on it (its an Olympus).  Am I right in assuming that
>
>Should then take the Canon Powershot G2: it has full control of the 550EX
>flash. You can use all the advanced functions (FP, wireless, etc).
>But I think the G2 is compatible with all Ex series flashes: so also with
>380EX (I am  taking you away the excuse for buying the 550ex).
>
>Giampi


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