The effects of speech-based variables on the immediate serial recall (ISR) task constitute fundamental evidence underpinning the concept of the Phonological Loop component of Working Memory. Somewhat surprisingly, the Phonological Loop has yet to be applied to the immediate free recall (IFR) task although both tasks share similar memoranda and presentation methods. We believe that the separation of theories of ISR and IFR has contributed to the historical divergence between the Working Memory and Episodic Memory literature. We review more recent evidence showing that the two tasks are approached by participants in similar ways, with similar encoding and rehearsal strategies, and are similarly affected by manipulations of word length, phonological similarity, articulatory suppression/concurrent articulation, and irrelevant speech/sound. We present new analyses showing that the outputs of the two tasks share similar runs of successive items that include the first and last items- which we term start- and end-sequences, respectively-that the remaining residual items exhibit strong recency effects, and that start- and end-sequences impose constraints on output order that help account for error transposition gradients in ISR. Such analyses suggest that similar mechanisms might convey serial order information in the two tasks. We believe that recency effects are often under-appreciated in theories of ISR, and IFR mechanisms could generate error transpositions. We hope that our review and new analyses encourage greater theoretical integration between ISR and IFR and between the Working Memory and Episodic Memory literature.