Looking at the RAW files, it seems like the OMD underexposes the file just a little bit, so shadows look darker. Maybe it's juste me, but does it seem like Oly is applying some noise reduction to the RAW files as well? The images seemed a little bit softer when compared to the EP3, GX1,GH2, NEX5n and NEX7.
No doubt in my mind that the JPGs of the OMD is better than the GX1.
My 2 cents from looking at DPR's samples: OMD is THE best m4/3 camera now in terms of IQ.
hmm ... that's a neat facility ... though how you are supposedto be viewing raw files is a slight mystery ... I'm interested in noise/dr most, and of course this isn't an ideal test target for judging either .... but I had a go, compared side-by-side (and as like-for-like as I could - ISO200 E-M5 raw vs ISO100 E-P2 raw ) against the E-P2 using it, and frankly, it doesn't look amazingly better to me ... might download the raws and have a closer sniff ... but if this was supposed to be a Great Leap Forward I'd be looking for the E-M5 to look as good or better at ISO400 than the E-P2 at ISO100 ... and it doesn't ...
In terms of noise in RAW files, the OMD at 400 is very close to the EP2 at 100. EP2 looks just a tad bit better. BUT, the OMD looks a little bit sharper and also has more resolution. Downsize the 16 mp file to 12, and the noise level advantage of the EP2 at 100 would likely disappear or decrease. So arguably, the OMD may have a two stop advantage (although I'd guess more like one stop) . Unfortunately, DPR doesn't have RAW sample photos of the EP2 above 100 to look at it more closely. But looking at the EP1's RAW samples, I think there's at least a one stop stop advantage of the OMD RAW files over the EP1, if not close to two.
As for dynamic range, I agree that it's hard to tell from the sample photos.
I had a chance to play with the E-M5 yesterday a bit. I walked into my local camera store to pick up a strap, and look over to see a Olympus E-M5 on the counter. Lucky/unlucky for me (unlucky as I am still trying to resist)!
It was a black version and, like some others have said, I was surprised how small it was in person. It really is pretty much the same effective size as the E-P3 and the hump is unobtrusive. I liked the handling quite a bit better than my E-P3 and really like the controls (knobs easy to reach for me, and more resistance than on my E-P3).
If I order from the store, Oly is offering a free FL-300R flash or lens adapter (think it was the new 4/3 adapter). Nice to see Olympus supporting the camera stores. I had a preorder in at Amazon, but this experience made me much more inclined to go local if I decide to go for the E-M5.
Cool. I'd love to see an E-M5 in person as well, since I suspect it is smaller than appearances would suggest. I do get the feeling though that my my next Olympus will be a small-bodied, cheaper EVF-less Pen with E-M5 spec internals.