It'll illuminate the subject but won't freeze motion, so fine for still life objects, but no good for anything thats likely to move.
I've also been researching this very topic and concluded that if it's insects and other small beasties, etc that you intend to shoot you need a proper flash, which then leads on to the debate about ring flash or 'conventional' off-camera flash.
One issue that concerned me about the ring lights/flash's, is the weight on the end of the lens. Most cheaper ones seem to rely on being connected via an adapter screwed in to the filter thread on the lens.
I've been looking at what's about in off-camera flash brackets, etc, to be used in conjucntion with a 'conventional' flash-gun.
Also, take a look here>
http://www.talkphotography.co.uk/forums/showthread.php?t=132158. Useful resource and plenty of ideas.