E-M5 User Manual

Thanks, good find! And I did spend the evening studying the manual.

Aside from the few new features, the logic flow, re-positioned controls, and menu structure appear almost identical to that of my P2 and PL3. Even many of the sample photos are repeats. Of interest, the 5-axis IBIS is not mentioned. The menu options are the same as the old IBIS ... Off, Auto, Vertical, Horizontal. The manual is evidence that at its core the EM5 is a dressed up P3. Contrary to a lot of Olympus enthusiasts, I don't consider this a bad thing. As a very recent convert from Nikon, my P2 has turned out to be my all time favorite camera. The improved sensor, weather seals, faster auto focus, better auto focus tracking, integrated EVF, and accessories such as the new flash and battery/grip are positive additions to the next iteration.

43 Rumors reports that the VF-2 EVF does work with the EM5, allowing waist-level composition that is often very important when aligning angles for wide-angle shots. Hope this turns out to be true since the variable angle VF-2 is one of the features of the Olympus MFT system that I find most useful.

Given the price similarities between the EM5 and P3, I don't believe the P3 can hold its current price. Throw in the VF-2 with the P3 (an essential accessory for bright light) and the current price differential is only about 15%. Suspect that the new PEN discounts will become permanent, which is also an appealing change to the line.