So I gather from what u guys are saying is that economy picking ends each string in the motion your going, up or down...and alternate picking is basicaly up and down repeatedly in no particular order? like this:

economy (low to high)
------------------------u-d-u-------------------------
------------------u-d-u-------------------------------
------------u-d-u-------------------------------------
------u-d-u-------------------------------------------

alternate (low to high)
------------------------u-d-u-----------------------
------------------d-u-d-------------------------------
------------u-d-u-------------------------------------
------d-u-d-------------------------------------------

and hammering on is hitting a number of notes w/o picking them (well the first obviously).
Also if u guys don't mind, im going to try to add u. I'm going to buy a new setup in about two months and maybe another guitar for alternate tuning and want alot of opinions before i start buying...if its cool :D