Just Posted: Olympus E-P1 in-depth review

One must bear in mind that these tests were made with 1.0 firmware. In its latest iteration the E-P1 had 1.4 firmware, which substantially improved AF speed. Almost three years after its launch, this is still a great camera, the only real drawback being the lack of a proper viewfinder (although the VF-1 works well with the 17mm lens, it induces parallax errors). Make no mistake: this is no P&S camera. Image quality is of a very high standard and the photographer gets full control of exposure and settings.
The noise issue has to be put into context. Of course, if you push it beyond, say, ISO 800, you'll get noisy images. This is not the camera you'd choose to shoot moving subjects at night. However, virtually noise-free night photos can be obtained if you keep ISO low, use decent support - don't be fooled by its size: it needs a solid tripod, not a budget one - and take care of settings (NR on, IS off).
I've bought this camera one year ago, at an irresistible price. I still love it.