A dedicated ring flash can work, but it’s not always the best value for macro. A regular speedlight on a bracket is often recommended because it can produce excellent macro lighting, costs less than many specialty macro flashes, and remains useful for general flash photography too.

If you specifically want a ring-style macro flash with E-TTL, the Sigma EM-140 is a commonly suggested alternative to Canon’s model. One advantage is that it lets you adjust the lighting ratio between the left and right sides, which gives you more control than a basic flat ring-light look.

The Zeikos/Zeikon-style TTL macro ring lights are budget options people do consider, but the strongest recommendation in the discussion is either:

1. use a standard speedlight plus bracket for flexibility and value, or
2. choose the Sigma EM-140 if you want a dedicated macro ring flash with TTL and better lighting control.

So: for best versatility, go speedlight + bracket; for a purpose-built E-TTL macro ring flash, the Sigma is the safer pick.