Interestingly enough, if u read the comments at dpreview they are saying oly "cheated" cos they exaggerated their their ISO ratings. i.e. Oly EM-5 ISO 6400 is actually 2/3 stops lower ~ISO 4000 hence thats why the image looks "cleaner" as compared to ISO 6400 fr other cameras. But IMO, as long as the final outcome is good, i am not really concerned about the arguments
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Oly is overstating ISO - that's one reason why the results look so impressive.
The German website digitalkamera (dot) de tested the M5's ISO capabilities and concluded that it does not shoot at ISO 200-25,600, but actually at ISO 120-14,200. In other words, Oly is exaggerating by 2/3 of a stop.
What that means is that if you want to compare an M5 image shot at 3200 with an image from another camera, it is fairer to compare it with a 1600 image, assuming that the manufacturer of the other camera hasn't also told a big fib.
The Germans did find that the M5 has very good dynamic range - around 11 stops at ISO 1600, dropping to 8 stops at 25,600. Presumably the dynamic range is even better at lower ISOs.