A year ago I would have said album and as a listener I still prefer albums. Now, I'd go with releasing more EPs as the music industry is evolving rapidly. That way you can promote your stuff more often and get more attention. Just my two cents of course :D
Yes I think people soon forget you nowadays as there is so much choice. It's not like it used to be where you would go to the record shop and buy an album and play it to death for the next month. There is so much choice that you have to consistently put music out to remind people you are still there!