I really enjoy my EM5, but I have to admit that the XE1 is the one competitor that, on paper at least, is highly alluring. A big reason is the 18-55mm f/2.8-4, which, at $400 US in the kit, looks to be a bargain in a reasonably fast mid-range zoom. Fuji has also released an exceptionally well-considered lens roadmap. The projected 3-zoom kit (10-24, 18-55 and 55-200 f/3.5-4.8) would fulfill all my needs, and some of the current and proposed prime offerings are also very attractive (how I wish MFT had the equivalent of the 14mm f/2.8). Of course, price and quality of these new lenses remains to be seen, but Fuji has traditionally been strong on the latter score. I need a full range of lenses right now, so I'm not really tempted by the Fuji system, but it might become very attractive in a year or so.