I've used several different egg replacers (Bob's Red Mill, Ener-G, flaxseed mixed with water) in baking and they can work pretty well but I'll occasionally notice an aftertaste or texture issues. I was pretty excited to read about the homemade egg replacer, Eggscellence, in Crescent Dragonwagon's The Cornbread Gospels so I gathered all the ingredients. These ingredients were not inexpensive (especially the xanthan gum) but I'm glad now to be all set for my upcoming holiday baking.
You can make the Eggscellence dry mix and when you're ready to bake you add water and the liquid lecithin. I decided to make the Wholesome Pear-Ginger Muffins with Lemon Glaze from the book using Eggscellence. I could tell immediately it was working differently than other egg replacers I've tried. The muffin batter was more viscous than other egg replacers I've tried.
Crescent is right - this egg replacer is truly indistinguishable from using eggs. The final result for the muffins was moist and delicious! I'm planning on using this next for some yeast bread recipes that call for eggs.