Epicurean's Award is the "lesser" of the two cooking tokens - Ironpaw Token being the other one. The Awards are given to players for completing cooking daily quests from previous expansion. You can earn those by completing dailies in your faction's original capital cities (Orgrimmar, Thunder Bluff, and Undercity for the Horde; Darnassus, Ironforge, and Stormwind for the Alliance), as well as in Dalaran. In general, all dailies will give you 1, but each city has a single daily that grants two. Since you can only do one daily from your faction's cities (one total, not one per city) and one in Dalaran, you can maximize your token earning by first checking which daily is available in each one of your capitals, and then taking the one that gives two Awards (if there is one). The double-award dailies are as follows:

• Alliance - Ribs for the Sentinels (Darnassus), Keepin' the Haggis Flowin' (Ironforge), Feeling Crabby? (Stormwind)
• Horde - Everything Is Better with Bacon (Orgrimmar), Corn Mash (Thunder Bluff), Roach Coach (Undercity)
• Dalaran - Mustard Dogs! / Mustard Dogs!

As far as rewards go, the majority of the things you can buy are Wrath and Cataclysm cooking recipes. Some of them are recipes for standard buff food (e.g. Recipe: Cuttlesteak), while others have more cosmetic effects (e.g. Recipe: Chocolate Cookie). You can also buy spices required for some of those recipes. And finally, there is Chef's Hat.