It was the best thing I did at school. Even if universities don't pay attention to it, hell will it help with your course (if you are doing an essay-based course). I had people the end of my first year unable to reference still... But the most useful thing is that you have had practice at how to write and organise a large piece of written work. Most people's first attempt at this is a piece of university work that counts for a large part of a module. Everyone has a lot of experience with short essays, but not with long ones.
Finally.. it gives you a chance to write something on your own interests, rather than following a course. Can't complain at that. I didn't get great A levels, so if I ever have to talk about that area of time, I'll try and deflect interest away from A levels and focus on my extended project.
Most universities say that it won't form part of any offer, as not every candidate has the chance to do one, but it can strengthen your application in the sense that it's a promising sign of being able to work independently and conduct advanced research.
I agree with everything lightburns said -doing an Extended Project will allow you to practise undergraduate-style work and make the transition into HE much easier to cope with.
Also, many assignments (for arts and humanities subjects, obviously), especially in your third year, may ask you to come up with your own questions to answer, so having experience of this already is a major advantage.
I did the EPQ and it was the best thing I could have done! It helped me focus and improve my organisation, presentation skills and confidence. It's also obviously increases your knowledge and will help especially if you have an interview for your selected university course where the interviewers can ask you about it. It also shows independent learning and commitment as EPQ is not a taught subject and is especially useful if your course is PBL because EPQ is essentially that, you would be showing yourself to be very suitable for the course
This was posted from The Student Room's iPhone/iPad App