This plant has been bugging me for a while now. A number of vendors from Europe and the Far East have been selling them as Epi. floribundum for a few years now, but as Geoff pointed out that species belongs to the panicultum group of the Epidendrum genus and both the plant and the flowers from that species look very different from those of the plants in circulation.
I have one of these plants and indeed they look like an encyclia with thin and very elongated pseudobulbs that are 6-8 inches tall and have a few thickened, long pointy leaves towards the upper quarter of the pseudobulb. They produce about a dozen well-spaced flowers on an upright spike that is racemose. The real species is a reed stem epidendrum with long thin stems that are up to 2 feet long, covered in thin leaves from top to bottom and they produce arching flower stems that are paniculate with a few dense racemes to each spike.
If you look for pictures of this species on the net you find many for both of these plants, which are obviously quite different and easy to tell apart whether they're in bloom or not. The individual flowers are slightly similar at first glance, but those of the encylia-like plants are much larger, sometimes have a pink hue to them and are typically encyclia shaped, with spatulate petals that are the same size as the sepals. The flowers of the epidenrum-like plants are smaller, much more numerous, always white and green without any hint of other pigments and the petals are minute and extremely thin compared to the sepals.
I hope somebody identifies the correct name for the encyclia-like plant soon, so we can all change our labels.