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I'm in the market for my first flash for my MkII. I was just wondering what Canon changed on the 430EX II?
The best upgrade for me was the ability to control the flash from my 7D's menu, which I find a lot faster and easier to understand than using the on-flash menus. (I also have a 580EX II, which does the same thing.) Things like switching between ETTL and Manual power, selecting rea-curtain sync or High Speed Sync, setting wireless modes, and so on with these new Speedlites are a snap on newer cameras that have flash control built-in.
On my 20D, which doesn't have flash control, I always use my original 580EX as a Master for wireless, because it has a simple sliding lever to select Master or Slave mode, whereas the 580EX II and 430EX II require several button presses (and the buttons aren't clearly marked for doing that). But with the 7D it's all done in-camera with the new flashes.
Do note, though, the the 430EX II -- like the original 430EX -- can't act as a Master Speedlite; it's only an on-camera single or an off-camera Slave.