i have owned various strats and les pauls. i prefer a strat...its my favorite guitar off all.
i don't know that much about epiphones, it has been said in these forums that the new gibson les pauls are higher quality than the epiphone les pauls. It has also been said here that the the new les pauls are lower quality than the old ones. It has also been said here that the new epiphones are not as high quality as the old ones. (thats the readers digest condensed version of the gibson /epiphone guitar threads). so, thats not saying alot for the new line of epiphone guitars.
like i said, this is what i've read here and honestly i can't tell you about epiphone from experiance.
what i like about strats: they are light weight, they have the best clean guitar sound, i love fender necks, high quality replacement pickups are available from
the fender custom shop at very econmical prices, they have a tremelo, they are really good looking guitars, and finally...they are affordable.
the cons of strats: you get a hum from the single coils(the noiseless pickups don't sound as good as the single coils), the real heavy distortion that is popular now days is a humbucker sound, and everybody and thier brother plays a strat.
what i like about (gibson) les pauls: they are really beautiful guitars (drop dead finish, binding, trapizion neck inlays), the neck scale tends to make the action slinkier thus making it an easier guitar to bend strings on, its hard to beat humbuckers on heavy distortion, their resale value is good
cons of a (gibson) les paul: the price of one is ridiculously too high, they are so heavy that my right arm goes numb by the 4th set, no tremelo, the clean sound is too thin on the bridge pickup and to muddy on the neck pickup....nowhere near the snap, pop and definition of a single coil guitar, most gibson necks are too fat (i prefer slim necks), and finally gibson replacement pickups are 160 bucks a peice (probably why alot of guys don't put gibson pickups in their epiphopnes)
what it all boils down to is your specific tastes, your budget, and what kind of music you will be playing. if you are going to be playing metal a single coil strat might not work as well for you as a paul. If your going to be playing blues, country, or classic rock a les paul might not work as well for you as a strat