Besides the fact that you'll have to re-index the block chain every time you create a new wallet, is there any other downsides of EPS? I personally find it very efficient if you don't want to require third-party servers.
Rescan, not reindex.
EPS is okay for most uses as it just serves as a data source for Electrum clients, so there really isn't anything to criticize there. If you need your personal server which is easier to setup and has lower resource requirements, then this is it.
Is there another software you would recommend? Just seen EPS talked about the most but open to other suggestions
ElectrumX is the most common implementation used by Electrum servers.