The Canon EF-S 17-55/2.8 IS USM and Sigma 17-50/2.8 EX DC OS HSM are both fast wide-to-short telephoto zooms designed for use on crop sensor digital cameras. On such cameras they approximate the same angle of view that you'd get from something like a 28-80mm lens on a full frame camera. This range is useful for general purpose photography from group shots to portraits and travel. It's a focal length range (and speed, at f2.8) often used by event and wedding photographers. Both the Canon EF-S 17-55/2.8 IS USM and Sigma 17-50/2.8 EX DC OS HSM are optically stabilized, which means they're quite useful in low light given their relatively fast f2.8 maximum aperture and the 2-3 stops of additional stability that the optical stabilization systems can provide.
As you can see from the specifications, the lenses are quite similar. The Canon lens has a slightly longer zoom range (55 vs. 50mm), is slightly longer (about 1") and slightly heavier (about 3oz).
The Sigma lens comes with a soft case and lens hood, while the Canon comes with neither (although a hood is available). Both lenses come with a standard 1 year warranty, but the Sigma also includes a 3 year extension (making 4 years in total) at no extra charge.
NEXT: Operation and Controls (Stabilization, Zoom, Focus)