The $60 flash likely won't do ETTL (electronic thru the lens metering this means you'd likely have to use the flash in manual mode) or be able to have its orientation changed (can't bounce off ceiling, etc...).

The 430 EX II is a pretty good flash unit that is capable of doing these. I'm guessing this is the one you're referencing that is $300. There are 3rd parties that have similar functions.

Below is a pretty good EOS flash article.

http://www.photonotes.org/articles/e...ndex.html#faq1

Dave