It helps to look at projected returns over the long term. I'm not sure I care about how fast they ramp the distribution as long as they have high return internal projects, you get it now or later. I as well have owned EPD for over a decade. In '14, they could be paying $3+, at a 4% yield, that's $75, 50% appreciation and a 5+% yield. If the market did as well, it would be well over 20,000. Looks like a good investment to me, and it is probably going to do better than the most of the other large diversified MLPs. And with a zero tax basis, I don't have much incentive to trade out of it even if it underperforms some of the other companies. I do think ETE/ETP could surprise in a few years with the new assets.
The smaller companies could do better than EPD. MWE could be distributing $4.25 in '14, at 4% that's $105 vs $55 today. The one I think could continue to outperform is ATLS/APL. APL could pay $3.30 in '14, at 5% yield is $66, current price is $33. ATLS could be $75 in '14, $35 now. Also think ETE could be in the $70s by '14. EPD is a good investment but there appear to be others that might perform better. I did buy ATLS in the low single digits, and at $35, it still looks like a great investment. But there were a bunch of great buys in the '09 downdraft.
Another large cap, a C corp, that could provide good returns is WMB, they have already said that they will pay a $1.75 dividend by '14. At a 3% div yield, the stock would be $58, $32 now. And you don't have to mess with the K1s.
One other, CHKM, they have been battered with CHK's troubles, selling at $24, could be paying over $2 in '14, low $40s price. CPNO just sold off and could double in three years if they get their act together.