One minor niggle - used glass does not always mean bad glass. I mean if it's good glass it can probably last years, right?I realize your statement was tongue in cheek and I'd like to reply with a silly question.
Is the E-P5 output twice as good?
I think I know what the answer is going to be.
Don't get me wrong, the E-P5 seems like a marvelous camera.
Personally, for what it's worth; I recently purchased an E-PL5, having sold my NEX-5N, LX-7 and GX1 among other gear (always rotating the inventory, if you will). I'm not wealthy but, I can afford any camera I want, money is not a factor really (yes, I'm lucky). My short list included the E-P5 and OMD EM5, both of whom stood at the top of the list. I won't bore you with my criteria as it is extremely subjective however, the E-PL5 stood above the others in value. It's not ever about which camera is "better".
In my less than humble opinion, I would surmise my philosophy in this nutshell:
"Dreaming is fun, doing is funner."
The OP is saving for an E-P5 and wants to buy used glass. ??? I am of the school that good glass trumps good body but, that's me.
In addition, a camera at the level of an E-P5 almost requires expensive glass to maximize it's capabilities.
The EPL5 and the EP5 have the same sensor, first introduced in the OMD in April 2012, less than a year and a half ago. They'd been using the previous Panasonic 12mp since 2008 or 2009, whenever the G1 and EP1 were first introduced. I wouldn't say this sensor is long in the tooth at all. I'd say the EPL5 is significantly less expensive (the EPM2 less still), but whether its a better VALUE depends on how much you value things like the 5-axis stabilization and dual controls. Those things matter quite a bit to me. If I was looking at one of these as a primary body, I'd want the EP5, even at the higher price, and if as a second body, maybe the EPL5. There are other feature differences that will matter more or less to each individual. The dual controls matter to me almost all the time when I'm out shooting. the 5-axis doesn't matter that often, but when it does, its simply amazing. To me, it was the one really revolutionary advance in the original OMD. I wouldn't need that in both bodies in a two body setup, but it would be hard for me to go back to a single control wheel because that really changes the shooting experience on EVERY shot I take.Sensor tech is moving pretty fast. I think the e-pl5 is a much better value over the E-P5. Maybe by christmas the price will be lower. Considering the sensor in the E-P5 is starting to get long in the tooth(although still very good), it seems the better value right now are the Pen lites. The E-PL7 should in theory have a new sensor, and my guess will be updated sooner than the E-P5, and be cheaper.