My impression at the time was that it would take the playability fom levels 4-14 and stretch them over 1-30, but there was no mention made of power relative to the game world.
My expectation would be that Epic still means what it always has meant in D&D: fighting demons, making deals with devils that leave them ruefully shaking their evil heads at your cunning, befriending unicorns and getting them make you a picnic, single-handedly kicking an orc horde further back into the stone-age, that sort of thing.