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hi,
i am no expert or anything but since you seem to have few answers i figured i might as well chime in.
So, flamestorm looks incredibly deadly on paper and if you get a well placed shot it might be very efficient. the thing is that your baal will be really high in target priority so to make good use of it , it must have synergy with your list( a few vindicators help with that as they will be even more threathening).
The assault canon variant doesnt require you to build your list around so much or to get your tank in melta range to be effective, i think it also make a better use of HB sponson because it is easier to point both at the same target( since it is a fast vehicule you even get to fire one at full BS even when moving 12")

flamestorm
PROS
- destroy meq easily
-very efficient against troops in buildings
-deny cover
CONS
-high priority target for armies vulnerable against it (not necessarily bad but you need something to support it or take advantage of the distraction)
-require to be near melta/CC range
-no snapshots

Assault can.
PROS

- efficient at longer range
-more efficient against vehicules and MC
-longer range,better synergy with sponson
-can snapshot and can even fire at flyers in a pinch

CONS
- doesnt deny cover
- is much less distracting for your opponent

So it really depends on what list you are running and what you are trying to achieve with your baal.I think that at higher levels of play the AC/HB is more used but i am not really sure as i am a casual player.I also mostly played against baals rather than with them...I am sure tough that what i wrote will attract the attention of a more experienced player who will be able to confirm/deny my post.

Also sorry for the formatting not really my forte