EPD's are the most comprehensive tool available to evaluate how an animal will BREED. Actual data is useless as it can be manipulated with environment and pampering as someone has already mentioned. Ratios are a little better, but they only tell you how the animal performed in that contemporary group and cannot be used across contemporary groups, much less the entire breed. The EPD model is the only available tool that encompasses, pedigree data, sibling data and ratios to attempt to remove environment and give a genetic breeding value. As an animal has more progeny, the progeny data will have more weight on the calculation and the pedigree and performance data will become less relevant.
Since most bulls sold in the US are virgin bulls, the EPD's are only as accurate as the program they come from (and unfortunately in this situation, bigger is better due to the ability to design a good contemporary group) with a max of about .35. While this is not extremely accurate, it is still the best estimate of how that animal will BREED, and at the end of the day, that is what matters. Because of the low accuracy, you still need to look at the animal and select for animals that are structurally sound and have the phenotype that you desire, but to say that EPDs are useless is a simple misunderstanding of the data and its uses.