My 2 cents after using the cam for almost 3 weeks:
Size
The E-P1 is not going to replace a small compact camera like the LX3. It is definitely not pocketable even with the pancake 17mm lens. However, the camera and the m43 lenses are indeed very compact and lightweight compared to a DSLR system. I can easily lug a small shoulder bag packed with the E-P1, 14-42mm kit lens together with the Lumix 17-14mm super wide and 45-200mm super zoom lenses all day long without being dragged down by the weight. Try carrying a DSLR system with similar focal length cover.
Noise
Underexposed area can be noisy even at low ISO. Images from the cam is more noisy compared to the Canon 5D/5D2, which I'm accustomed to, but certainly far better than any digicam such as the LX3 or Richo GX100.
Image quality
So far, I'm only reviewing the JPG images created straight out from the camera and have not opened up any of the RAW files for viewing or post processing. The image quality has reached such a level that that I don't miss the higher pixel files from the 5D2.
Autofocus
I've no complaint about the autofocusing speed as I don't intent to use the cam on fast moving subjects The camera does have difficulty in nailing down the focus under dim lights or subjects with poor contrast, not unlike many similarly priced DSLR systems.
LCD screen
The LCD screen is usable even under bright sunlight. However, with 10x magnification, the screen is unable to provide enough solution for me to check for precise focus accuracy. This has almost rendered the focus accuracy check feature useless to me.
Retarded LCD Refresh
On certain occasions, the refresh rate on the LCD screen can be jerky. The live-view may freeze momentarily and may cause me to miss the critical moment. This retarded behaviour becomes more apparent when the Pop-Art feature is used.
Other Irritating behaviors
- After multi shots are taken continuously, while the buffer is being cleared, the camera will not allow pictures to be reviewed or settings to be changed.
- When Pop-Art is used, the camera will freeze for several seconds immediately after a shot,. Hence it does not allow consecutive shots to be taken in Pop-Art.
Features Irrelevant to me
I don't use flash. So the absence of built in flash hardly bothers me although it is a good to have.
I indeed glad that the electronic view finder is absent. I dislike the EVF so much that I actually sealed the EVF on my Sony R1 camera with a tape.
Lens Mount adaptability
The m43 camera practically allows any lens mount to be adapted and mounted. The ability to use those tiny rangefinder lens is of particulr interest to many E-P1 users who appreciate the small form factor.
M43 Lenses
I bought the twin lens kit and found myself using the zoom lens most of the time mainly for the versatility of the zoom. While the 17mm is compact in size, it isn't much faster than the zoom lens. I may want to trade it for the Lumix 20mm f1.7 when it becomes available in future.
I had the Lumix 17-14mm lens 2 weeks after I bought the E-P1. Compared to a similar superwide like the Nikon 14-24mm, the Lumix is indeed compact and lightweight. The lens is well built and feels very solid as compared to the Olympus kit lens which have a plastic feel.
While the m43 kit lenses are very good, they are not in the same class like the top-notch lenses from the Canon L or the Carl Zeiss ZF lenses that I use on the 5D2. It is not a fair comparison any since these kit lenses cost only a fraction of the premium glasses.