So many comments on something so boring...
Anfy: IMHO it holds remarkably well against the bigger sensor Sony NEX-5n even at 3200 ISO.
NEX-5N kit is $700E-M5 kit is $1100700*2 = 1400
Regardless, there is more to a camera than the sensor.
abolit: I expected high ISO handling to be much better.....
Your expectations are baseless.
Raw IQ at ISO 200 looks fantastic. At 3200, it looks a slightly better than the G3 and very similar to the NEX-5N. The Canon G1X falls behind, especially combined with its slow lens. The E-M5 plus the Summilux 25mm f1.4 is looking top notch right now. The NEX-5N with the 24mm f1.8 is a strong contender and about the same total price.
The noise characteristics are very similar to the canon G1X, but I like the E-M5 output more. This is very welcome considering the G1X sensor is slightly larger and Canon has a heritage of lower noise than Olympus/Panasonic at high ISOs.
Someone at Pentax needs to be fired. First the Q system, and now this? I don't get it... What a shame.
Hmmm... I'm thinking making it in Taiwan/China/Phillappines and pricing it $1300 for the body would have been a smarter move. I was really excited about it, but now I'm sure I can justify the price... bummer.
Olympus, your move.
I downloaded the image of the tree. Jpeg rendering of detail looks terrible: painterly or plastic.