Personally, I don't know what to make of the new cameras. But it does seem like Olympus is taking the PEN series very seriously and that is a good thing.
(I am still recovering from my fear for the older Four Thirds platform which seems interesting that Olympus has said in their interview that they shall not neglect. They will find something along the way to make up to the core users of the Four Thirds System, so I am waiting patiently for a solution for "life after the E-5".)
Now, with three new cameras, I wonder how much improvements they have made over them.
A few "wait and see" questions I have :
• Now that you are sticking to 12mp sensors, which I am not in disagreement with, let's see how do they fair in terms of picture quality, dynamic range, color reproduction and while they still retain the title for the best jpeg out of camera, but since you are not giving us more pixels, you best give us better dynamic range which Olympus seems to be having trouble catching up with their rivals. Not that Olympus cameras have bad dynamic range, but we can always do with more since we ain't getting larger sensor sizes.
• AVCHD codec on top of motion jpeg for video - Looks like Olympus has "solved" the problem with getting to full HD by licensing Panasonic's video format/codec. Let's see how this work out for the new PEN series. Will we see serious video capabilities? Lighter cameras means cheaper motion stabilising gear, which is actually a good thing. Coupled with an adapter and Four Thirds Super High Grade lens, this looks like a formula for very very good videos. We shall wait and see what Olympus has done with the new video implementation. Now you can shoot to your hearts' content (if the battery lasts long enough to capture a football match/concert/sermon in church). This potentially opens up the market for Olympus. And puts it into direct competition with Panasonic for the video arena.
• "Thorn by the side" : Why is Olympus releasing new lenses with new functions and not making new functions on their new cameras backward compatible with their EXISTING lenses? Why isn't the new series of PEN able to take advantage of say, SWD lenses to produce lightning fast focusing? They already have a user base out there and opening up an opportunity for more SWD sales, why aren't they doing that? What is holding them back? Until this is made clear, this will always be a case of "thorn by the side". Of course, there is always manual focusing. But then again...
• New series of cameras, new batch of lenses... something is not very right, isn't it? Not everyone have a dry cab the size of a room you know? I am finally proud to say that I have lost track of the versions of kits lenses made available for Olympus cameras... that must be an industry first! And the nagging question at the back of my mind... why start the standard zooms at 14mm (28mm)? 12mm (24mm) would have been a better choice... but then again, I wouldn't know, I am not a lens engineer. Just something that has been nagging me. I am sure a 12-30mm f3.5-4.5 lens would have been awesome! (Then again, their new prime is 12mm, let's not go there).
• More options for camera body size, and colors... I think the ladies have more reasons to come on board this new era of "small DSLR like" camera system. More sales, more R&D money, more new gadgets.
• I will have to see how the new focusing system will work with the new series of PEN. Especially with existing lenses. If it does not work well with existing lenses and we have to buy new cameras, new lens, then why not a new system? From the competition? Am I making any sense here?
The above said, it is still quite exciting to see the new steel-like finished E-P3. Though the title of "the most beautiful retro camera body design" must belong to Fujifilm's X100. Not to mention there were some really clever innovation in that Fujifilm camera which I was hoping to see in the new Pen... but still, I am sure this series of PEN will sell very very well. Not everyone who wants to take pictures are that demanding on their gear like I do.