I definately recomend the emperors. i all of my tanks except my feeder tank are running emperor biowheels. i have used them for years and love them.
My only experience with the aquaclear was a bought one and 3 trips to the store later still didnt have one that worked right from the factory so i went went up a size and got one that worked and it broke down a couple weeks later and i said i'd never own another. However i know plenty of people that have great luck with them. I just prefer the emps that never let me down.
For a 50 gallon tank i would go with a 400 model. I have a 400 running on my 55 and its does great.
As stated, the benefits of biowheel is aeration and added beneficial bacteria.