Form 1023-EZ is a more generalized version of the standard Form 1023 long form. Form 1023-EZ is a more streamlined method of filing designed for smaller nonprofits seeking 501(c)(3) status. The 1023-EZ does not require written budgets or narratives with the application. Form 1023-EZ is designed to simplify and shorten the process for small nonprofits seeking 501(c)(3) charitable status.
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All 501(c)(3) applicant organizations had to file Form 1023, a 28-page application, and attachments and exhibits for many years.  It is not unusual for final filing packages of the standard Form 1023 to exceed 100 pages for many applicants.  Also, wait times of 1 year or more for IRS approval were common at the time. Now that the IRS has introduced Form 1023-EZ. The wait time has been reduced to 60-90 days.
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Form 1023-EZ streamlined application for 501(c)(3) status, is shorter and designed to make it simpler and faster for small nonprofits to obtain recognized Federal Exempt 501(c)(3) status. While the IRS still requires the applicant organization to have a proper organizational setup and a compliant purpose and activities, the process itself is certainly less burdensome on the front end. 
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Don't let raising funds for your organization be hindered by not having your Non-Profit Exemption documentation to present to donors and granting organizations. Pay now, or pay dearly later.