Then you haven't experienced the Shake Reduction (SR) of the Pentax first hand. :thumbsup:
In camera image stabilisation is a winner as far as I am concerned and the benefits extend to each and every lens mounted on the camera. The power drain for sensor based IS is negligible when compared to IS on the lens (small shift of a sensor vs shifting a bigger and heavier lens element). IS can be easily switched off for shooting moving objects or when on a tripod (Pentax states this clearly in their manual). In fact, Pentax is selling more K100D (which has SR) than the K110D (identical to K100D except without SR). With SR, I have taken usable images at shutter speeds as low as 1/4 sec handheld. Obviously it won't beat the use of a tripod, but then it wasn't designed to. If anything, with Oly's 2X crop factor, I would think IS is needed even more. Frankly I'm a little surprised that you've kinda seem to have made up your mind that IS will degrade ultimate image quality when you haven't actually tried it first hand.