Hi Mike,
Good question, and my short answer is: No.3 with a touch of No.1 if you can, but dont forget about implicit series linking.
I'm taking my cue from experience in how certain EPG platforms work here in the UK and hopefully maps through pretty well to other places.
In terms of display, having multiple instances from the same series with the same Programme name makes most sense. So, for instance, in the case of 'Sherlock', the user would see multiple similar instances in the EPG. The mediaDescription field would be filled in with information specific to that episode, so for instance:
shortName/mediumName/longName: Sherlock
mediaDescription.shortDescription: Episode 2: The Blind Banker
There is functionality to fill out more information for series, strands, brands and collections - the GI file. One can state in a PI file that a Programme is a memberOf a particular grouping, and then use the GI file to expand on the details of that group - additional names, descriptions, logos, etc.
However, one can still imply grouping even without the GI file - you just mark up every Programme in the group with the same memberOf value.
For example, I could say that each episode in the series of Sherlock programmes has the element:
A client would then be able to associate programmes in the same series, and implement functionality like "series recording". You could then also provide additional metadata for that series, if you like.
Device Manufacturers are mindful of the use cases for programme group membership, although it is fair to say that practical examples of this are currently few in number.
Ben