The MP-E65 is a great lens if you want to do extreme macro, but of course it is useless for anything else, since it doesn't go below 1:1 magnification. The working distance is also somewhat short. If you absolutely need magnification up to 5:1 (a single green pea would occupy the entire frame) The MP-E65 is the way to go. It's the only lens available (for any system, I believe) that achieves this range of magnifications by itself.
Standard macro lenses, like the Tamron 90mm, the Sigma 105mm, and the Canon 100mm will all go up to 1:1, and with various tricks (teleconverter, extension tubes, reversed 50mm lens, etc.) can be coaxed well over 2:1 easily. Magnification as high as 5:1 is possible. The advantages of these lenses are longer working distance, the ability to focus to infinity, meaning you can use them as normal 100mm (or so) lenses, and much lower initial cost. They are all incredibly sharp as normal lenses.
Of all the options available for normal macro lenses, I would recommend the Canon 100mm f/2.8 USM Macro. Although it's prety much a wash in sharpness between this lens, the Tamron & the Sigma, I feel the USM focusing on the Canon, the lack of worry about ever having to "rechip" for a newer camera, the dual-range focusing (faster AF in normal shooting) and easy one-touch switching between AF and MF modes (unlike the Sigma) make the Canon the lens of choice. Mine sees a lot of use, both for macro work and in normal shooting.
If your macro subjects are skittish, i.e. live insects, you could also consider the 180mm macro lenses. The Canon is a beautiful lens but expensive. There is also a Sigma that's roughly in the same ballpark price-wise as the MP-E65.
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