From an evening spent messing around with Custom Function (CFn) settings on the 5D and 430EX, here’s a summary of behaviours:

5D 1st curtain (CFn.15=0) 5D 2nd curtain (CFn.15=1)
430EX 1st curtain
E-TTL mode
5 pin connection
Pre-1st curtain metering flash1
1st curtain main flash
Pre-1st curtain metering flash1
1st curtain main flash
430EX 2nd curtain
E-TTL mode
5 pin connection
Pre-1st curtain metering flash1
2nd curtain main flash
Pre-1st curtain metering flash1
2nd curtain main flash
430EX 1st curtain
Manual mode
5 pin connection
No metering flash
1st curtain main flash
No metering flash
1st curtain main flash
430EX 2nd curtain
Manual mode
5 pin connection
No metering flash
2nd curtain main flash
No metering flash
2nd curtain main flash
430EX 1st curtain
Manual or E-TTL mode
1 pin connection
No metering flash
1st curtain main flash
No metering flash
1st curtain main flash
430EX 2nd curtain
Manual or E-TTL mode
1 pin connection
No metering flash
1st curtain main flash
No metering flash
1st curtain main flash

1 NB: The metering flash is a short burst from the main flash tube, and so is a very noticeable white light (indistinguishable from a proper flash firing if in front of the camera) and not a pulse from the red AF unit. Note that fast reacting subjects, especially if close to the camera may start to reflexively blink as soon as the pre-flash burst begins.

Setting CFn.07=1 (disable flash) on the 5D is helpful when combined with 430EX CFn.04=0 (emit AF assist) as the flashgun now functions as a low-light focus assist unit for ambient light photography in low-light conditions.

From experiments with a 720nm filter, I am not convinced that the AF-beam from the 430EX is infra-red as stated in the manual, but simply a dark red visible LED.