I missed your post here initially... I was considering bringing this topic up on DPreview once the data was more final.
As a bit of background, I'm using an image analyzer tool from the NIH called ImageJ (it's free). In research, we have used this to analyze the intensity of scanned western blots, as a means of measuring relative protein concentration (it's relative unless you have loaded controls that you can correlate measurements to). I figured that the program could be used as a method of quantifying the amount of ISO noise. However, it does not characterize the noise.
You can check the Flickr thread if you're interested in the testing methodology. What you may be interested in are the results:
Three shots were taken per ISO value; the bars (and the numbers beneath them) represent the average. Error bars indicate the standard deviation between the three shots.
The take-home message to me was that the E-3 (and probably cameras before it) experiences worse performance at 1/3 ISO steps below ISO 800. However, above ISO 800 the 1/3 steps seem to provide a benefit. With the E-P1 it's somewhat similar, but even with the increase in noise from 1/3 steps below ISO 800, the amount of noise that we're talking about is pretty minor. (The E-P1's noise performance also seems to be much more consistent than the E-3's.) I would hazard a guess that all cameras produced after the E-P1 (including the E-5) mirror this trend, but without analyzing the RAW files I can't say for certain. The big question is which trend the E-30 and E-620 follow, as they supposedly use the same sensor as the E-P1, but some initial evidence suggests that they follow the E-3 more closely.
Someone above questioned why the noise should be worse at 1/3 steps. The reasoning is like this: the normal ISO steps are implemented in the hardware, and the setting adjusts the sensor's actual sensitivity. The 1/3 steps result in greater noise because they supposedly are done in software. In other words, a shot at ISO 640 is actually done at ISO 400 - which would be underexposed - but the camera then increases the exposure in software. If you have ever tried this yourself, you have probably seen that you bring out noise by pushing the exposure in such a manner.
Nobody aside from the engineers in the companies knows for sure if that's what is being done, of course - it's a theory.
If anyone with another camera model is willing to take at least three shots per ISO step and send the RAWs to me for analysis, please get in touch with me. I will give you a more specific set of instructions for how to take the photos in a manner that matches how I did it, so as to remove as many variables as possible.