I also have the 420ex and I just got the omni bounce.
I got it to shoot a wedding. I was testing it out and there is a slight difference in the color with it. It warms the skin tones a little. Also it doesn't hurt the eyes as much as the flash uncovered.
Not a major difference overall, but good if you will be shooting portraits or weddings.
Thanks much for the reply. I do plan on practicing portraits soon, so it sounds like this is something I should get. It's only $17 so that's a pretty easy thing to buy :-)
I haven't found omnibounce being that much more desirable than plain old flash. However, I like bouncing the flash off of walls and ceiling much better.
I still need to get a flash, and have looked at the 420. Is this an adequate flash, or should I wait until I can afford the 550?
I have found that the 420 is good enough. The only advantage I see in the 550 is that it is a bit more powerful. The 550 has capabilities that the 420 does not. It works in a fully manual flash mode if you want it to. It will also act as a master flash that will automatically fire a series of slave flashes. Unless you want to get into advanced flash photography, just get the 420 to start with. If you decide that you want to get into advanced flash photography later, then buy the 550 and you will already have one 420 that can act as a slave...
@jmsetzler: Thank you for helping to make up my mind! I'm gonna order it right now!
...I've got to stop spending so much time on dpc. Every time I get on here someone is talking about something else I need for my camera. I'm going broke buying accessories for my 10D!