MUDFLAPPER It took me nearly a week to get my Epson 1280 working correctly after the last Epson driver update, so, in this case, I'm a firm believer in the "if it ain't broke don't fix it" school of thought.
If your Epson is printing fine, if you can check the ink levels with Epson Printer Utility and if your printer color profiles are in order, I would wait a while before installing this update. Or just skip it altogether.
It's not that I don't trust Apple, i don't just Epson. Epson printers, although they probably deliver the best print quality available in a consumer-grade home printer, are very touchy. On top of that, Epson's Mac support is notoriously awful. So, proceed with extreme caution.
(Version 2.2)