First Impressions
We've not yet been able to shoot properly with an E-P5, but we have had plenty of hands-on time to explore its handling and features, and get an initial idea of its image quality. Frankly, we're impressed - it looks as though the E-P5 is the camera we'd always hoped the PEN series could be, and Olympus has another winner on its hands to follow the E-M5. What the specification sheet and inevitable internet leaks don't tell you is just how refined it feels - construction is exemplary, the control dials rotate with satisfying clicks, and the shutter is quiet and refined like the E-M5's, rather than the loud clack of the E-P3. The new PEN is a serious camera, but one that has real charisma too.
Overall the E-P5 takes a significant step forward from the E-P3, and is perhaps best seen as an E-M5 in a slimmed-down body. Yet it adds useful extra features of its own, such as the 1/8000 sec top shutter speed, 'Super-spot AF', timelapse recording, and auto panning detection for the in-body image stabilization system. The new VF-4 viewfinder is also one of the nicest EVFs we've yet seen - although the cost of the E-P5 / VF-4 combination will likely exceed that of the E-M5.
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| E-P5 with Olympus 75mm 1:1.8 mounted, and Olympus 60mm 1:2.8 Macro, Panasonic Leica 25mm F1.4, Olympus 9-18mm 1:4-5.6, and Olympus Body Cap Lens 15mm 1:8 at front. |
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Another point worth noting is that Micro Four Thirds is currently the most fully-developed mirrorless system, with a large range of lenses available due to the involvement of both Olympus and Panasonic, plus third-party manufacturers such as Sigma, Tamron and Voigtlander. It offers fisheyes, ultrawide zooms, high quality fast primes, compact 'pancake' primes, a couple of macros, and powerzoom lenses that can zoom silently during movie recording. It may not match the vast ranges available for the biggest SLR systems, but chances are it will cover many photographers' needs.
Sample Images (downsampled to 1200px)
As yet we've only handled 'initial production' E-P5s, which Olympus don't consider to be sufficiently finished for us to publish full size image samples. But we've been allowed to show pictures that have been downsampled to 1200px and had the EXIF data removed. The E-P5 shares a sensor and image processor with Olympus's other current models such as the E-PL5 and the E-M5, which means we're not expecting any surprises with respect to image quality.
Olympus cameras typically produce very attractive JPEGs straight out of the camera, with lovely colour rendition and well-judged white balance that can enliven even the dullest day. And while once upon a time Four Thirds sensors weren't terribly good at high ISO, the Sony-made chip that Olympus is now using does very much better. The examples below give some idea of how the E-P5 performs.
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| 45mm f/1.8, 1/100s F1.8 ISO 500 | Photo Story mode |
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| 60mm f/2.8 Macro, 1/160s F2.8 ISO 800 | 60mm f/2.8 Macro, 1/125s F2.8 ISO 500 |
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| 60mm f/2.8 Macro, 1/125s F2.8 ISO 2000 | 60mm f/2.8 Macro, 1/125s F2.8 ISO 8000 |
ISO 'LOW' (100 equivalent)
The E-P5 offers an extended ISO 'LOW' option, which Olympus describes as equivalent to ISO 100. This terminology suggests a 'pulled' ISO setting that sacrifices highlight range and is more prone to clipping. The crops below show how ISO 100 compares to ISO 200 on the E-P5.
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| ISO 100, 1/125s F4.0 | ISO 200, 1/250s F4.0 |
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'Peaking' display for manual focus
The camera also offers a focus 'peaking' display to aid shooting with manual focus lenses. The following examples were shot using an old OM-mount G-Zuiko Auto 50mm f/1.4, relying on the peaking display for focus. In both examples it's allowed accurate focusing without having to jump in and out of magnified view.
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| G-Zuiko 50mm F1.4 @ F1.4, ISO 1250 | G-Zuiko 50mm F1.4 @ F2.0, ISO 640 |
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Summary
Overall, the E-P5 looks like it should offer much of what has made the E-M5 so popular in an even smaller, more portable form factor. Most importantly, you get the same image quality and superb 5-axis in-body image stabilization system (with a year's refinements too). It's certainly a much better camera than the E-P3 or either of the cheaper PENs, and one of the nicest mirrorless models we've yet seen. Of course it's entering a very competitive marketplace, up against hugely capable models such as the Sony NEX-6 and Fujifilm X-E1. We're very much looking forward to getting our hands on a shootable production model to see how it measures up.


















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