Disclaimer: This will be a very photo/video intensive review, so I'll split this review into three parts. All the photos are available for viewing at full size in my flickrset.
Part I - Body and Lens
Part II - Focus, Video, User Interface
Part III - Image Quality, Noise, Verdict
Olympus has finally answered the call of many photographers who loved the form factor and looks of 1970s cameras. Whether they were rangefinders or SLRs, cameras in the 70s are much more compact and streamlined, with only the lens being a protrusion.

In late 1950's, Olympus introduced their line of half-frame rangefinder cameras known as the PEN series. The PEN F became the first and only half-frame camera that offers interchangeable lenses. The PEN F was sleek, light, capable, and stylish.
Fast forward to the late 80s, rangefinders were dwindling in numbers and big, black SLR bodies were starting to emerge. The addition of electronic circuitry and pursuit of better ergonomics prompted manufacturers to build SLR camera bodies as we know of today.
Olympus digital SLR line is technically still supporting the half-frame approach with its 4/3 system, in which the sensor has a 4:3 aspect ratio compared to the more common 2:3 ratio of traditional 35mm film. The small 4/3 system has a much smaller sensor which allows Olympus to build smaller mirror assemblies in their DSLR line, and as a result, Olympus generally has the smallest form factor DSLRs in the market.
Together with Panasonic, Olympus designed a new Micro 4/3 system that allows the camera to revolutionize the camera world just as the Pen F did 50 years ago. The new Micro 4/3 system utilizes no mirror box assembly unlike a DSLR, the result are cameras that are a lot smaller than DSLR but still retain most of the advantage of having a much larger sensor than consumer digital cameras. Panasonic released the first Micro 4/3 camera, the Panasonic DMC-GH1.
The Olympus E-P1 Digital PEN took it a step further and offered interchangeable lenses with available adapters to use the Zuiko 4/3 digital lenses for Olympus DSLR and older manual focus OM mount lenses.
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