8 songs sounds more like an "album" than an "EP" to me, though I think these days the distinction isn't so clear- as Woodsie points out, with vinyl there's a difference in size of disc and playing speed, as well as the actual amount of music on them. Nowadays a CD is a CD, which is capable of holding 74 minutes of music, however much you choose to put on it (apart from mini-CDs, but no-one uses them anyway)

Of course, just because you can put over an hour's worth of music on a CD, doesn't mean you ought to. Call me old-fashioned, but I think that the physical restriction of the LP record (2 sides of 25 minutes or so) gave a lot of albums a real focus- how each side begins and ends, how the two sides are similar or different, while keeping within the average person's attention span. It's more important to make a coherent artistic statement than to overload an album for the sake of numbers or running time.

I would ask myself why the songs are all so long- are there lots of verses, are the instrumental bits an integral part of the arrangement? Most great albums have a mix of longer and shorter tracks. Is there a balance of moods, light and shade? Does the running order take the listener on a journey, or will they reach for the skip button? Do you have a consistent approach to production?

That's just artistic considerations. If you're planning to sell a CD, you should be thinking who's going to buy CDs? How will they hear about it? Where and how? What will you do to promote it? How many, realistically, will you sell? How much will it cost to record, master, design artwork, duplicate? Will you need to borrow money to finance it? Are you hoping to make a name for yourself, make money or both?

A few things from my personal experience. My first solo CD had 12 tracks, from just under 3 to just over 4 minutes- total running time is 38:02- no-one has complained it's too short. I was able to keep production costs low, and made my money back within a year. It's had a few reviews, is available online and as downloads, but almost all of my sales are at gigs.

My previous band borrowed money to make an album- got a bit of press interest and some great reviews, made just enough money to record an EP. I still have a box of 200 of them ten years later....