Another thing that many forget in their hunt for fast lenses is that a kit lens will look absolutely acceptable at around f/8, and a flash unit let's you make your own light and can be bought for much less than a f/2.8 zoom...
I'm a huge proponent of off-camera flash, but even I don't think flash is a substitute for fast glass. First off, many venues do not permit the use of flash. Second, if you don't have the shutter speed/f-stop/ISO speed to get a decent ambient exposure, you're going to end up with the dreaded "cave" look, where the subject is illuminated but the background is nearly black.
Flash is a useful addition to fast glass, but it is not a substitute for fast glass.