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The Canon Elan II/50 (e) uses the relatively expensive 2CR5 battery. The price
isn't so high in the US, but it is apparently costly and sometimes hard to find
elsewhere in the world. Also, if you use the built-in flash for fill (or worse
yet, your main flash), the battery runs down rather quickly.
The BP50 accepts either a 2CR5 battery, or four AA cells. Aditionally, it has
a vertical grip, with a shutter release button that duplicates the functions of
the camera built-in release button. Unfortunately, it does not have the very
useful multi-function dial found on the Elan II/50 (e), which is a shame.
It feels a little on the cheesy side, very light weight, and made of the same
material as the camera body. It attaches to the camera by means of the tripod
socket (the BP50 has in turn a tripod socket).
I haven't done the math, but given that AA cells are quite a bit cheaper than
2CR5 batteries, the unit will probably pay for itself over time. The vertical
grip comes in handy, and the Elan IIe/50e will even do eye controlled focusing
while held vertically.
In sum, it's a useful accessory, well worth its price.