Unless $\epsilon$ is very large, it seems that no faster algorithms are known than the exact ones. For sparse graphs, the fastest one known seems to be one with running time $O(n+m) \min\{ 2^{m/5}, 2^{(m-n)/2}\}$ for a graph with $n$ vertices and $m$ edges:
Alexander D. Scott and Gregory B. Sorkin. Faster Algorithms for MAX CUT and MAX CSP, with Polynomial Expected Time for Sparse Instances. In Proc. APPROX/RANDOM 2003, LNCS 2764, pp.382--395, Springer, 2003. Link
The title refers to the fact that if the graph is a random graph (with edge probability $c/n$ for some $c \le 1$) then there is a polynomial expected time algorithm.