I like EP's original format, and I've been listening to it for a while now.
First off, it's familiar. Every week we hear the sexy cyborg title the piece, Steve relates a bit of his life, introduces the story and author, then hands our attention over to the storyteller of the week. After about half an hour of fiction we get a few moments pause, some closing comments and we're strummed out by the soothing tones of Monster Surf Rock. The format has changed recently to include feedback and sponsor support (I try not to think of them as commercials), but the feedback adds to the community and the support keeps the EA empire afloat so these can't be bad things.
Secondly, it works. At the end of a story I like having a few moments to collect my thoughts or discuss the story with Shwankie (we often listen together). Each episode tapering off with closing thoughts, and a brief moment of though provoking feedback, it doesn't interrupt my train of thought or upset the mood. Cutting right to the story, then trying to hold our attention afterwards is going to be difficult, especially if Steve's done his job well and presented a particularly evocative tale.
Lastly, I subscribe. I'm a supporting part of this community, both in the forums (for better or worse) and financially. I'm subscribed because I like what EP does and because I feel a connection to EA through Steve and the community he represents. I'm probably not the only one who feels like they're 'friends' with Steve because of his intros, and that supporting EA isn't about buying units of a commodity but supporting a friend who is doing something really cool. I'd hate to see the 'friend' aspect put second so that strangers might feel more comfortable to download and thoughtlessly chew through the archives.
(I'm not saying everyone should listen to all of the out-dated intros, that's what the fast-forward is for.)