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I been looking into them for the past week and contemplating making one. Either a ring light or ring flash. If I go with ring light I was thinking of using LED either flexible strips or single.
@FlowtographyBerlin: I am really confused by your post Flow; As far as I am concerned, the advantage of a ringlight is the 'shadowless' look it gives to the subject. The DISadvantage of a ringlight is the doughnut shaped catch lights in the eyes - I find them to be unnecessary/unnatural distractions.
I am trying to achieve the following effect for portraits:http://www.thefstopmag.com/wp-content/uploads/hanks.jpg
Not a flash but constant light 3200K to 3500k 411 LED lights from Fotodiox. Used it for Macro work and shot images in a Cave, made amazing light, At least with a constant light you can see where the shadows fall.