The PS/2 parallel port was the first to officially offer bidirectional capability.
This discussion from NumberNine, a 1284 logic chip manufacturer may help you pick the right mode (emphasis mine):
What operating systems have drivers or support for IEEE 1284?
Operating systems that have built-in support for IEEE 1284 are Windows 95/ 98, Windows 2000, Windows ME, Windows XP, LINUX (1997+), Solaris and some versions of BSD.
Win 95/98/ME has support for 1284 Negotiation (parallel port plug and play) and fast printing in ECP forward direction. In order to take advantage of this capability you must have a printer and a parallel port with ECP capability. In addition, the parallel port must be configured in the Win 95/98/ME Device Manager as a "ECP Parallel Port" with an Interrupt (IRQ) and Direct Memory Access (DMA) channel configured. If you do not have these setting configured, but do have and ECP capable printer, then the driver will "fall back" to the fast Centronics mode of operation. If neither of these conditions are met, then the driver stays in the old slow mode.
IBM is working on a 1284 driver for OS/2. For Win 3.x, Windows for Workgroups, or DOS, you must obtain a driver from a 3rd party. Unfortunately, I don't know of one. Hopefully we'll have one in the near future. In the meantime we will continue to provide our fast Centronics mode drivers with our cards.
I just bought a new PC and it says that I have an EPP/ECP port. Is there any advantage to adding a second 1284 port?
There may be. Depending upon the type of chipset used for the parallel port and the software (BIOS) used to set it up, you may encounter problems trying to use it in the advanced modes. See if your CMOS setup has a parallel port mode option for EPP+ECP; this is the one you want. If there is only PS/2, EPP, ECP then you may find it difficult to use. For Win 95/98/ME choose the ECP setting. Your EPP peripherals may operate OK. If not, then it is probably worth adding a second parallel port.