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The base EP required for standard loot priority is set at 1500 - this base would be exceeded during your fourth full raid, which includes being on-time. Prior to reaching this cap you will have "low priority" on loot. However, if you are not at the base EP cap but all players with a higher priority pass on an item, your PR (and the PR of any others who are not at the base EP cap) will then be taken into account for loot distribution.
You can see your current points by installing the EPGP addon itself and when in-game, you type /epgp during a raid and it will list your standing, sorted by PR, unless you have not reached the 1500 EP minimum yet, which will cause your name to be grayed out.
Loot priority still applies as Mains Specs > Initiate Main Specs > Off Specs > Initiate Off Specs > Alts. In Official guild runs the GP per item is calculated according to the EPGP system. If you would like an item for Off Spec, you will only pay 5 GP, regardless of the equipment slot.
NOTE: In current 10-Man raids and Vault of Archavon guild runs, the loot system changes to /roll.
WAYS TO EARN EPGP
Being On-Time for Raid (8:00 PM PST) - 20 EP
Raid Attendance - 100 EP per Hour (Up to 400 EP per Night)
Guild First Boss Kills - Bonus EP (Varies)
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