Actually, The Beta Band has garnered a fair amount of attention for themselves as of late, opening for Radiohead, etc. The EP as a recorded format is not favored (in the US, at least) because it has less music but is still frequently marketed at full-length LP prices, which explains why there are so few of them. Most independent labels show little adversity to selling them, though, and as such most indie bands put out one or two EPs early in their career. As was mentioned, Pavement started their recording career with three EPs, and the Pixies put out Come On Pilgrim on EP before their 'debut' album came out. So maybe EPs seem so great because they're from younger bands with crazy ideas and good old-fashioned idealism.
Just thought I'd put in my two (or three) cents.
~t
np: The Clash, "Working For The Clampdown" (London Calling)
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