I picked up the lenses (both four thirds, a 50mm F2 Macro and the 50mm-200mm F2.8-3.5 non SWD) on Saturday. Saturday afternoon I took the macro on a walk in the woods with my dog. I'd send him off into the trees chasing something and then call him back, and then see how well the camera tracked his high speed return. Sunday afternoon I spent 5 minutes with the 50-200 pointed out a window tracking cars and joggers (I expect my neighbours now think terrible things about me - the things I do for you guys!).
What I learned:
-The camera does not track focus between shots when on burst mode, I don't know if that is settable or not
-Coming from a camera with a fps of 3, burst mode on the E-m1 is insanely fast
-When tracking a subject, you have to select an AF point, otherwise it'll switch from subject to background mid sequence
-AF still has a hard time in snowy landscapes
-When tracking an object coming (almost) straight to or away from the camera, the AF is good. Not perfect, but we're talking about a dog doing 25km/h in snow at 30 feet. I'll take good.
-The 50mm F2 Macro, when it gets it right, is almost as fast to focus as the Panasonic 25mm f1.4 (fastest AF lens I've ever used).
-The 50-200 is as fast or faster than the kit 40-150. It feels faster than the 14-54 SWD unless you are going from one extreme to the other.
-When the AF misses with either of these lenses, it takes a long time to recover. It basically focuses all the way to one extreme before figuring out it missed, and then comes back. This can take over a second, which could definitely cost you an important shot. You can help it by releaseing the shutter and trying again.
I basically shoot in two environments that stress AF:
-puppy's at the SPCA (close, high speed & unpredicatable, not-ideal lighting)
-field sports (football)
I'm comfortable saying that the 50mm Macro will be fast enough for working with puppies (the 14-54 is fast enough on an E-510, and this is definitely faster).
I think the 50-200 should be plenty fast enough for football. It'll be important to keep my AF selection point where I want it, but I think the lens should be able to focus from the QB (30 yards away) to the reciever (possibly only 5 yards from me) as fast as the ball can get there.
Cosmo, I don't know how far away from the riders you are, or how quickly the animals move, but I'd guess that the AF tracking will be good enough so long as you keep the AF point on the rider or the ground close to him. If you are up high shooting down, not an issue. If you are ground level and suddenly the camera tries tracking from rider to crowd 30 yards behind him, that would take at least half a second (probably more) to recover from, and as you said, these riders may only be on the animal (I keep using animal because I don't know if you're shooting horses, bulls, or kids on sheep) for a few seconds.
Unfortunately I've never used another high end AF camera, so I can't offer any comparisons. The E-M1 with 4/3 lenses blows a Nikon D80 out of the water, but I doubt that helps anyone much.