This item is from the Yet Another Enhanced IDE/Fast-ATA/ATA-2 FAQ, by John Wehman and Peter den Haan with numerous contributions by others. (v1.92).
Fast-ATA and EIDE devices can be used without fear on regular ISA or VLB IDE controllers. The thing about advanced modes is that the drive is ready for the data in the fastest mode; the slower the controller, the easier it is on the drive. Of course you should expect the transfer rates to come out lower than on a full ATA-2 interface.
Likewise, an Ultra-ATA drive will do fine on an ATA-2 (EIDE) interface. Better even, using DMA mode 2, its performance will be hardly any slower than it would be on an Ultra-ATA interface.
It is not necessary to use an EIDE interface for harddisks of over 504MB. An Enhanced BIOS is all you need for DOS and Windows; for many other operating systems such as OS/2 or Linux you won't need even that.