The way the tooltip reads is that the eps console speeds up the power transfer between settings, I.e., changing settings and not increasing the recharge rate from using the power setting (and not switching settings). Can someone confirm if its like this or something else. Not 100% sure on it..

If it does increase weapon recharge rate, it's hardly noticeable.

Agreed. I just completed Cure with 0, 1 then two EPS Flow Regulators and it didn't change a thing as far as normal beam attacks went. Or well, nothing noticeable in the slightest. They were Rare MK XI's so 70% each (in the event someone would ask which regulators I used).

Kinda bummed about it... should have read more into them :\

They still are useful. I use one on my ship.

When I drop out of full impulse, it does help transfer power between systems.

Well, the last I played before the new skill system was a while ago and back then, 2 of these consoles kept my power levels above 100 when firing beams. Not so much now. I don't use them at all as I don't really change power settings in combat or ever and I drop impulse early to get power back to systems. Emergency power to X with batteries appear to be superior to giving the EPS a single console slot.

This does depends on the ship you are running, if a Cruiser, then you should be on 125/75 and 125/65 in both weapons and sheilds anyway, and you use EPtX to get these up at the start of a fight anyway. Question is tho, what do you use in the extra eng console slot.

RCS are basically useless in a cruiser. Neutronium Alloy + Ship Specific Conole + Assimilated, you the 4th could be used for another Neutronium if you like I spose