The latest version is Epic:Armageddon, and yes failing an action gives a blast marker, blast markers reflect disruption to communication and command as well as morale damage, it's a very abstract, yet clever, mechanism, give it a try, seriously

the rulebook on GW's site is the current edition of the rules, the rules haven't changed much, there are FAQs and some rulings by the Epic Rules committee (ERC) who are made up of many of the original fan-playtesters of epic armageddon.
If you head over to the tactical command forum, or the Net-Armageddon sites (both in my sig... I think) you can download all of the latest 'official' army lists for epic armageddon, there are a *shedload* and more currently in development
NetEpic is a branching off from the second edition (space marine + titan legions) by some fans who disliked the playstyle of epic40k and E:A they have done great work and there is a good community of players, developing lists and tweaking the rules
I was an avid SM/TL player and turned my nose up at epic40k, although now I can see it for the real leap it was, I got back into epic with E:A about 2 years ago and I can honestly say I think it's leagues ahead of SM, it's still pretty abstract, but that streamlines the game and leads you to think about tactics more than special rules
There is currently an intro post being developed on the tactical command forums which explains this in a lot of detail
hope this helps
