e17paul said:
[Obviously a 270EX/430EX/420EX would be more effective, but would not cover the close up and macro.
I may ultimately end up buying both as I progressively build my kit, but it would be great if a macro flash could also cover for portrait distances.
The dedicated macro flashes are really suitable only for macro use. However, regular Speedlites such as the 430EX II can be very useful for close-up and macro work. The trick is to get the flash off your camera and out over the subject. If your camera is on a tripod, that can be as simple as an OC-E3 cord (3rd party versions are much cheaper) and handholding the flash.
If you're shooting handheld, you'll need the off-camera cord and a bracket. A small softbox is optional, it can be useful with larger close-up subjects. The Manfrotto 233B bracket with a Giottos MH-1004 mini ball head works well for that, offering good positioning flexibility. A Lumiquest Softbox III or Lastolite Ezybox Hotshoe are options for a softbox. The same setup can be used for flash portraits when there's no ceiling/wall suitable for bouncing, as it gets the flash off axis and softens the light as long as the subject is reasonably close. A 430EX II, 233B bracket, Mh-1004, 3rd party cord and small softbox would cover macro, portraits, and general fill flash, and cost less than the MR-14 EX II.
Here's an example of how the rig would look for portraits (the 233B telescopes, it's extended on the right). The arm can be tilted forward to sit over a macro subject close to the lens.
Hope that helps!