... true until the 5 axis stabilizer appear
I read on dpreview that the 5 axis stabilizer is somewhat similar to Canon's HIS.
From dpreview on the OMD:
The company has also totally reworked its built-in image stabilization system. The new design is described as 5-axis (translational movement vertically and horizontally, and rotational movement around 3 axes - shown below), in contrast to the previous system that only corrected for up/down and left/right rotation. If it works, the ability to correct for rotation around the lens axis caused by pressing the shutter button offers a clear advantage over in-lens stabilization systems. Meanwhile, correction for translational movements promises more effective stabilization for macro photography at high magnifications (like Canon's 'Hybrid IS'). The system continues to work in video.