I don't think the EPO sent me into labor any faster, but I do think it made my cervix more favorable to change. I dilated pretty efficiently once I went into labor, so I'm a pretty big believer in the power of EPO.
My MW instructed me to take three tablets orally and one vaginally each day (yep, you just stick it up there and it dissolves). Make sure to do the vaginal one at night, though, and wear a pad bc that stuff leaks out and is nasty.