A B757 FLT CREW RECEIVE A TCASII RA WHILE CONDUCTING AN APCH INTO EGE.

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WE WERE CLRED THE LOC DME C AT EGE TO MAINTAIN 14000 FT UNTIL RIVVR (APCHING FROM THE E). WX CLR; GOOD VISIBILITY. JUST PRIOR TO RIVVR TOLD RADAR SVC CANCELLED; CONTACT EGE TWR; A B757 DEPARTED RWY 7 VFR. AT RIVVR TURNED ON APCH TOWARD VAILE AND STARTED DSCNT TO 11800 FT. AS I LED THE DSNDING TURN ONTO THE RWY 25 LOC WE GOT A TA THAT QUICKLY TURNED TO AN RA. FOLLOWED TCASII DIRECTIONS; CLBED; AND RA RESOLVED. AS I LEVELED OUT; THE B757 WAS OFF TO THE L (1? NM); S OF LOC COURSE; AND BELOW US (1000 FT?) GOING IN THE OPPOSITE DIRECTION. WAS ABLE TO CONTINUE APCH WITH MINOR S-TURNS TO A LNDG AT EGE. ZDV WAS CONDUCTING 'TIMED' APCHS INTO EGE. WE NEVER ACQUIRED THE OTHER B757. (PURPOSE OF TIMED APCHS WAS TO PREVENT CONFLICTS?) WE WERE TOLD OF OPPOSITE DIRECTION DEP BUT DID NOT RECEIVE DEFINED POS IN RELATION TO US OR THE ARPT (OTHER THAN ON TKOF) IN ORDER TO HELP US ACQUIRE THE TFC. CONTRIBUTING FACTOR WAS WE WERE SWITCHING TO TWR AND ATTEMPTING CONTACT AT ABOUT SAME TIME THE B757 WAS SWITCHING TO CTR. TALKED WITH TWR AFTER GATE ARR. THEY SAID THE B757 WAS CLRED ON RWY 7 DUE TO HIS WT; AND HE REQUESTED A VFR DEP BECAUSE IFR DELAYS COULD BE EXTENSIVE. TWR CLRED HIM VFR TO DEPART NE; AND I BELIEVE THEY THOUGHT HE WOULD TURN NORTHERLY AND BE OUT OF THE ILS APCH COURSE. I POINTED OUT TO THE TWR THAT 070 DEGS OR RWY HDG COULD BE INTERPED AS NE. SUGGESTED A GIVEN TRACK WOULD BE SAFER WHEN DEPARTING AGAINST THE LNDG FLOW. OUR PROCS CALL FOR A FIX AND ALT WHEN DEPARTING VFR. OBSERVATIONS: 1) 'TIMED' APCHS WERE NOT COORDINATED VERY WELL IN THIS INSTANCE. 2) I QUESTION THE ADVISABILITY OF VFR DEPS OPPOSITE TO THE LNDG FLOW. 3) THANK GOD FOR TCASII. 4) DAY VFR HAS MANY TRAPS THAT WE DON'T NECESSARILY FACE IN THE IFR ENVIRONMENT. 5) EVEN IF YOU'RE NOT 'VFR' TFC WATCH IS ESPECIALLY PARAMOUNT IN A MIXED ENVIRONMENT. 6) EGE NEEDS RADAR. 7) THERE ARE A LACK OF GOOD MANEUVERING OPTIONS WHEN YOU ARE IN THE VALLEY APCHING OR DEPARTING EGE. SUPPLEMENTAL INFO FROM ACN 610523: I NOTICED TFC ON THE TCASII (RED) BELOW US. WE WERE DSNDING FAIRLY RAPIDLY IN ORDER TO ARRIVE AT VAILE AT THE PUBLISHED ALT. THE TCASII SHOWED THE TFC 900 FT BELOW US. WE INSTANTLY BEGAN OUR CLB (FROM ABOUT 12000 FT) AND NOTIFIED TWR.