I agree the EP-2 is a miss, I don't feel bad for not waiting for it. The EVF hot shoe mount is a hack they threw on just to satisfy the critics. I think Olympus m43 designers are in a limbo now trying to figure out its role in the market. Is m43 a replacement for dSLRs, or is it just a slightly more versatile point-n-shoot? Mirror-less cameras will replace dSLRs. Next step is to get rid of the mechanical shutter, but that's another 5 years out at least. So, I'm in no hurry to upgrade my EP-1.
Olympus is still going to lose out on sales from the point-n-shooters looking to upgrade because the GF-1 has an EVF AND built in flash. I was talking to a guy today looking to upgrade from his Lumix FZ28. His biggest concern was getting 18x zoom like he has on the FZ28. I told him if he wanted the equivalent with a GF-1, he would have to wait another few months for the 100-300mm lens and fork up another $1K for it. He was surprised to find out that I bought the EP-1. I told him it has in body IS, better quality at high ISO, better JPEG compression, and a stereo mic (important for recording concerts). He said the stereo mic is cool, but no built in flash and EVF. I don't know if he realizes that built-in flash doesn't work at 18x zoom. The concept of in body IS doesn't apply to him because he doesn't have existing lenses to adapt and so far the Olympus lens choices are weak. Now if you want telephoto, you have to spend extra money on the OIS. All the techno babble about image quality at high ISO and JPEG compression totally blew past him. If it had a cellphone, bluetooth and GPS, then it's a win. I told him that Fuji, and Kodak are likely to jump into m43, with all of the other vendors doing their own equivalent mirror-less system next year. He was like oh? I'll stick with my FZ28 for now.
The Pen does appeal more to the art school fashionista crowd. I don't think an EVF or built-in flash will make much of a difference in their decision making process. If anything, the Pen competes with the Leica X1 as a lower cost alternative to the M9. The EVF makes the Pen look like a dorky tourist camera instead of a slick retro-cool chick magnet. I think the biggest concern fashionistas have now is "will my friends make fun of me behind my back for not buying a leica?".
I personally think the Pen looks better than a Leica, but I wouldn't roll down Bagdad highway on the back of tank with the Pen for fear that it will break (not that I ever roll down anything on the back of a tank).