it's kind of outdated seeing as LP and EP are used to describe vinyl. as we know, vinyl only holds so much information and they can be different sizes and play at different speeds. most 12" LPs play at 33 1/2 rpm allowing them to have more information, while the 7" EPs usually play at 45 rpm.
EPs usually consisted of an a-side and a b-side, or what we refer to as a single, while the LP could contain any number of songs on 1-3 records.
with cds, there really isn't any standard for EP and LP because all cds are the same size. basically, you have to go by what the band says it is.