E stands for "exponent" - this notation has been standard on computers using ASCII characters (no superscript available) since the language Fortran I think. For double precision (64 bit IEEE floats - not available on Arduino) sometimes "D" is substituted for "E".
The way IEEE floating point is implemented is 1 bit for the sign, 8 bits for the binary exponent, 23 bits for the 'mantissa'. Without hardware support floating point operations are much slower than integer operations, mainly because the format needs unpacking and re-packing in software.
Fixed-point representation is thus fairly popular on microcontrollers without float hardware support - much less overhead (but the position of the (binary) point has to be fixed which is less flexible.