I want value, not salesmanship Is the Olympus OM-D E-M5 possibly the best value for my dollar?

First, you can absolutely use m4/3 to take terrific photos of backyard birds and the images will be much better than anything you have been getting with your current camera.  A DSLR and fast telephoto lens will be easier for FLYING birds, but there is no reason not to consider m4/3 for backyard birds - and I should know, as I take such photos every day with my EM5 and EP2 before that.

Second, the best 'values' are always going to be last year's models - and 'salesmanship' will try to convince you that those models no longer work, but of course they do and of course, they work well.  You can get EP2 or EPL2 for about $200 now.  Or get EPM2 or EPL5 - with same image quality as EM5 - for much less now.  Another good value is Panasonic GX1 - less than $400.

Next year's EM5 (which wouldn't surprise me if Olympus waits a year or more before updating that camera) will have refinements.  It won't be revolutionary, unless they solve the merger of 4/3 and m4/3, which doesn't affect you anyway.

For value, why not look at Panasonic FZ200?  For m4/3 (or any interchangeable lens system), the expense is not in the camera but in the lenses -- and if you don't buy expensive lenses, then you don't get the value of the system.  Something like the Panny (or other branded long zoom) covers everything in one cost - that's more 'value'.

--
Roberto M.