I do not know if Clive has used a flash set up in a studio for his views on comparison, so I'll chuck these comments into the ring.
The primary advantage of Continuous Light is that it is significantly cheaper than flash. Easy to work out light positioning, although decent studio flash units do have modelling lamps. Easy exposure calculation - meter direct off the subject. The downside of continuous light is lack of faster speeds to freeze motion. Serious light output from pro kit needed to get you there.
The only down side of flash that I can think of is the higher initial cost and the learning curve. Once you understand the basics of flash you may find you do not even use the modelling lights and setting up is just as easy as with continuous light. Either way set up is just the same.
The main advantage of flash is the ability to freeze motion. It is the short flash duration rather than shutter speed that helps here. So even if your camera has a slow sync speed the flash duration will exceed 1/500 sec. Studio units have faster recycling times than camera units and can withstand far heavier useage over a short period of time without overheating.
I hope this is of some help.
Don
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