Mechanically speaking pretty much everything people have said here.
For me, in what appears to be a nonsensical phrase, epic play is boring.
I would suggest that to accurately represent current rules for epic play, but simultaneously streamline the combat and make it less painful, you do the following:
1) Roll for Initiative
2) In initiative order, each combatant rolls a d20. If the d20 comes up with a 1, that character dies from [some big effect the other team has]
If it comes up with a 20, their team gets a point.
3) When one side runs out of characters, the other side wins.
4) Each player drinks a number of beers equal to their team's point value at the end of combat
(more advanced players may choose to drink their beers as each point is scored...in this context 'advanced' could be in terms of understanding of the rules, or in terms of their body weight or level of liver damage)
Love.
It.