Everyone's speculating at the moment but it seems to mean that:
*the ED past life feat received on TRing depends on the Epic Destiny you have maxed out and are active in at the time of TRing. So let's say you want the past life feat for the draconic incarnation ED. That would mean having that ED maxed out and active when you TR.
*the karmic bond means you retain that ED in future réincarnations so you don't have to max out that particular destiny again.
But this also implies that when you do the epic TR thing, you lose any other EDs you may have maxed out, rather than the current system where you retain them on a TR.
So basically if you want to do the epic TR thing, don't bother maxing out the EDs for the current life you're in except the one you want to get the epic past life feat for. It looks like this will be good for those who will be starting their epic path, but will penalise those who have been sat at lvl 25 for a while and have maxed out all the destinies already.
Big shit storm going on about this as the main concern is whether or not fate points are going to be lost on an epic TR - and there's been no response to this concern yet.
I'm waiting and watching for now because of the lack of clarity. But if the above assumptions are right, the epic past life feats are going to have to be pretty spectacular for players to give up all the maxed EDs they've ground out. As it is, the Devs are wanting to hear what sort of epic past life feats players would like to see.