Doug Frost: Did Olympus upgrade the CMOS sensor in the E-P3? From the press release it sounds like they merely upgraded the image processor. While that's all well and good, it doesn't do a thing in terms of improving the sensor's dynamic range. Also, I suspect that although you can now crank the ISO up to 12,500, the image quality at high ISO will not be very impressive unless the CMOS itself has been improved. Enhancing high ISO performance through in-camera image processing alone tends to produce pictures with smeared details and limited dynamic range.
a review from someone who had the camera in hands is as follows:
obviously the image quality (again) leaves sth to be desired.there are still (well, it seems to have gotten worse) those unlikable pixel artefacts looking like lumps and worms creeping through the picture ...seems to be due to noise reduction algorithm that leaves much to be desired, too.sometimes it is just better to go with a natural noise pattern than to destroy the image. ... or: to improve the sensor!