I heven't worked with the ring... the neewer light is pretty good, I shoot video weddings, commercials, etc... I have to say I'm pretty happy with it, it gives you a lot of light. Plus i can hang the light anywhere. After a couple of weeks I bought another one. Just take care of them because their built not very though... Hope this helps.
I would have to echo Miguel's remarks. I don't think a ring light would put out nearly as much light as this. If you need the flexibility to light near subjects and distant subjects, this light would be the choice due to its dimmable feature. I like mine a lot.
I am a furniture maker and always photograph and in some cases make vidoes of my work before delivering them to my clients. The Neewer LED lamp is a different animal from a Ring Light as Jon Griffin says in his post. Both are good tools but I prefer the Neewer Lamp as a fill light. Most of my work involves working with highly polished furniture and the ability to both position and dim the NEEWER lamp goes a very long way toward eliminating glare! At the price of this lamp you will not go wrong!