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As it happens, I was just looking at it myself and had the same question.
For some data, I did a comparison between point-to-epipolar line distance (let's call it PELD) and this error function (let's call it FEMD), and they are indeed different in practice. About 10% of my correspondences are either inliers according to PELD and outliers according to FEMD or vice versa. Generally, pairs with very small or very large PELD residuals will be classified as inlier or outlier by both methods, but in the PELD range of about 0.5 to 2.0 (my threshold is 1.0), the results are variable.
I believe therefore that FEMD will give suboptimal results if the objective is to maximize the number of correspondences within a specific PELD threshold.
