Olympus OM-D E-M5 or Fujifilm X-E1?

And picked the X-E1, while selling the D700 (that I used extensively for 2 solid years) and keeping the E-PL1 (not sure what I can get for it, so might rather keep it)

Here are my reasons.  Only my reasons, probably not applicable to you...

1. I already have an E-PL1, the Olympus kit, and the 20/1.7.  I found this combination sort of wanting for subject isolation and IQ on anything above 1000 ISO, so coming from a D700...the going belief is that the faster primes and larger sensor is going to alleviate my need for subject isolation and high ISO need - in fact, the Fuji high ISO output seems to be better than the D700.

2. I like Fuji's lenses better.  m4/3 surely have quite a lot of lenses and a few that I believe I would like a lot: the 7-14, the 25, and the 75.  However, Fuji's lenses translate closer to what I'm familiar with: a 35/1.4 -> 50/2 equiv, a future 56/1.4 -> 85/2 equiv.  You can see that I'm a junkie for fast lenses, and in this department, Fuji delivers.  Even their kit lens is faster (and better-built)

3. Having used the E-PL1, I like a built-in bounce flash.  Really, really dislike the E-M5's detached flash which doesn't bounce.

4. Have considered the GX1 to replace the E-PL1 because it has become so cheap, but it seems the IQ improvement over E-PL1 isn't there - it'll only give more control and faster AF.  Plus, lacking IBIS is a downgrade of sorts.  I *still* want a stabilized body to use some A-IS lenses with

6. Dislike the practice of selling lens hood separately on expensive lenses.

Conclusion: go with X-E1, and see if the E-PL1 can be upgraded when the successor of the E-M5 or GX1 comes out.  Maybe E-PL6?  Hm....

P.S. There probably won't be a Fuji 400-600mm equiv any time soon, so I also acquired a Pany 100-300 to use on the E-PL1.  It won't nearly replace the 300/2.8 and TC I had, but the lack of heft is a plus.  Now I'll need to figure out what to do with the Gimbal mount.