Humph.
I run an epic-level game (which started out at pre-1st level). I have only found a minor glitch or two with the book - about the same as the core rules. It runs fine and plays fine.
The people here who feel it is a bad book don't like the /play style/ of the book. They apparently don't like epic games, so no book with epic rules will suit them. That's the wrong crowd for actual advice on the topic.
If you don't like an epic feel where characters can accomplish almost anything, and where the bad guys are just as capable, then you won't like running an epic game, no matter what rules you use. Spellcraft checks of 314 are reasonable when you are running around with 280th level characters. If that's what you're looking for in a game, then the ELH will get you there. If you don't like running a game at 280th level, then that's a personal preference - not a problem with the ruleset.
The epic spell system is very powerful and flexable - and it should be. It's also abusable, if the DM allows just anything in. A DM with no backbone will quickly have problems - but the same can be said of item creation in the core rules. If you are judicious, exercise caution, and know your players then you'll be fine.