I've noticed epiphone prices plummet recently, not the RRP as such, but some places have some good deals that make the epiphones cheap enough to actually represent good value for money. I guess they figured that the budget market's getting more and more competetive.
As for Epi's Vs Gibson...
Some Gibson's are pretty cr@p, and some epi's are pretty good. Both have quality control that varies so widely that even though Gibsons are generally better, there'll be some epiphones that perform better than some Gibsons. However, a modern Gibson in my eyes isn't worth the cash they want for it, and an epi isn't a good enough copy of it. Tokai copy Gibson far better and with the proper woods, not alder. Who ever heard of an alder Les Paul? If you're not worried about stuff like that the epi isn't a bad buy, but I have to admit most of the epiphones I've tried felt a bit naff, and their pickups aren't up to par at all. I'd really be intrested in trying out an elitist epi, I imagine they're on a par with MIJ Fenders.