I have the Flex, the Makita Rotary and the Porter-cable Dual Action machines. The Flex is my favorite and all you would really need if you were doing anything but professional work with serious paint-correction needs.
It cuts in about half the time of the PC (not quite), extremely safe unless you just abuse something, but you would have to be an idiot (no offense to those that will say it is dangerous) to hurt your paint or damage your car in any way. If you are careful at all, there is very little danger. You can use Meg Ultimate Compound and no one would be able to tell you didn't use a rotary unless they are used to seeing swirl marks.
I used the PC for applying wax, but now I use the Flex for that so I could sell it. However, if I run into overspray, serious scratches or (most recently) a single-stage paint on an older car that was a mess, I use the Makita. The client watches me take the scratch out or remove the overspray (that the dealer said couldn't be done) and they think its magic. (Although I think their are better detailers than myself). So the Rotary is still king, but the Flex is the Prom Queen in terms of how much you want to use it...
The great thing about the Flex is that it doesn't leave swirl marks or holograms -- in fact when I first got it, I would remove swirls / holograms for high-end customers that had just had their car detailed at the dealership (always paid over $225 at the dealership). When I got into serious paint correction, I would always use the Flex on black paint to remove my swirl marks from the rotary (I hate to admit I needed to do that, but I hate when the paint is not perfect). Now I don't need it because I use M205 at 900 rpm and move it ever so slowly so I don't have that issue anymore.
My advice (not that it matters) is GET THE FLEX! You will not be sorry....