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.
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.