I definately prefer Epic, mostly as I don't know Psionics very well. I agree with a previous post in that magic and psionics are too similar, but I've seen others have a lot of fun with psionics, so they must be on to something.
The ELH is decent, but also as mentioned, it lacks support from Wizards. Yes, there is erratta to get it to 3.5, but I really feel that this area has mostly been abandoned by its producers.
I agree that Epic, when done right, should be EPIC!!! However, D&D is just too clunky a system to do the mass combats, epic warfare, etc. that is part of so many of my favorite Epic movies and books. It needs to be simplified and supported, not be left to be confused and abandoned.
Per Epic games, we play one (Ardick Campaign in SH) and I've definately noticed how CR relationships are drastically skewed. At times, the right CR 18 monster can do better than a CR 25 monster, depending on how it matches up against the party.
On a final note, our Epic game has shown me just how important role-playing is to a balanced game. Great powers, feats, etc. are nice, but they don't solve moral and ethical delimnas. The expressions on Epic level PC's faces when a 0 level commoner just won't cooperate is priceless!
-AoA