Ahhh... glad this thread bounced back up... To each his own, no disrespect to owners of 4/3'rds cameras... etc., etc., etc... However, perusing the web this week I read an article of a well-known photography site many are probably familiar with, Dante Stella, who echos my exact sentiments regarding the Oly 4/3 that I checked out in the camera store... Some excerpts, with my comments in []
Olympus E-P1: (Stylus) Epic Fail?
Let's start with one prefatory statement: there is nothing wrong with the Micro Four-Thirds sensor in the camera or the results in image files. By every account, they are fantastic. It's everything else that is... wrong. [Agree, however there are tradeoffs in high ISO performace compared to APS-C, and you have less "play" in DoF]
The E-P1 also represents an excellent example of why it is better to spend 10 minutes with a camera in a brick-and-mortar store than to simply pre-order one. [My experience, exactly... Held one in the camera store, didn't think the sized differential between this camera and a compact DSLR mattered all that much, especially factoring in the higher cost, and tradeoffs resulting from the smaller sensor]
Maybe, as currently configured, this is the camera for you. It wasn't for me, and this is why.
1. Unjustifiable size and weight. Make no mistake - this is a large, heavy camera. [Yes, I was surprised by the cameras size and weight...]
When you need to carry a "compact" camera in a bag and not a pocket, it's probably time to start looking at cheaper and more versatile DX-sensor SLR cameras. [Exactly! That's the point I've been trying to make all along, and why I went with a less expensive, more versatile compact DSLR...]
2. Absurd "tourist mode" operation. The E-P1 has no optical finder. And it has no EVF. So there is no looking through the camera at the subject. Instead, you have to rely on looking at an image on a screen at arms' length - just like on a $150 point-and-shoot digital. First, this is an unnatural method of operation that has no place on an $800 camera body. [Bingo!!! Spot on. Agree...]
"Price. In an era (and economy) where you could buy a used Leica M8 for $2,500 or an Epson RD-1 for $1,500, why would you ever bother spending about $1,000 to use an E-P1 with a bunch of rangefinder lenses that will underperform on a quarter-frame sensor?"
http://www.dantestella.com/technical/e-p1.html
Very good and detailed analysis and criticism and good read if you're considering one of these cameras... Again, not posting to PO 4/3'rds owners but this guy reiterates everything I've said about the 4/3rds (and then some) - especially the Olys.