Was able to locate some lens-transmission factor data for the two lenses involved (as indicated by the image-file meta-data), and formulate what is a pretty good estimate of effects upon exposure:
Olympus M.ZUIKO DIGITAL ED 12-50mm f3.5-6.3 EZ:
http://www.dxomark.com/index.php/Lenses/Camera-Lens-Database/Olympus/Olympus-MZUIKO-DIGITAL-ED-12-50mm-F35-63-EZ/%28camera%29/677
Panasonic LUMIX G Vario HD 14-140mm F4.0-5.8 ASPH:
http://www.dxomark.com/index.php/Lenses/Camera-Lens-Database/Panasonic/Panasonic-LUMIX-G-Vario-HD-14-140mm-F40-58-ASPH
The difference in T-Stops around the commonly set F=6.3 appears to be around 0.15 EV (with more light-loss in the GH2's LGV 14-140mm than the E-M5's Oly 12-50mm). Adjustments below:
Below is an alternative calculation conducted with the GH2 black-level (of 15) subtracted from the GH2 peak and average RAW-level statistics (in a situation where RawDigger reports no E-M5 black-level to be subtracted), which is consistent with the method found in my original post.
Curiously, but true, the particular (FW Level 1.000) E-M5 image-file recorded by 4/3 User that was analyzed is reported by
RawDigger as having a Zero(0) Black Level. This is different than the DPR (FW Level 1.003) Studio Comparison Tool RAWs (which shows a Black Level in the range of 250 - 254). Not sure what to make of that difference (which appears to affect the DPR test-shots) ...
Here are the arithmetic averages of the peak and average level statistics found (within the entire recorded image-frames, and including all of the individual RAW-level RGGB color-channels):
---- Camera -------- Peak Level -------- Average Level
------ E-M5 ------------- 3819.25 --------------- 182.95
------ GH2 ------------- 3973.50 -------------- 300.15
To determine the differences in (RAW-level) exposure between the cameras, I used this formula:
Exposure [EV] = LOG2 ( ( ( Av [EM5] ) / ( Av [GH2] ) ) / ( ( Pk [GH2] ) / ( Pk [EM5] ) ) )
Exposure [EV] = LOG2 ( ( ( 182.95 ) / ( 300.15 ) ) / ( ( 3973.50 ) / ( 3819.25 ) ) )
The numerical result is that
the E-M5 exposure in this case is -0.507 EV lower than the GH2
In the original post here (which analyzed E-M5 FW Level 1.003, and GH2 FW Level 1.0 images) at:
http://forums.dpreview.com/forums/read.asp?forum=1041&message=40963062
... and accounting for differences in Shutter Speed of the E-M5 and GH2, the same approach derived a result where
E-M5 exposure appeared to be -1.537 EV lower than GH2 exposure .
... when (apparently, from the image-file meta-data) using the same Olympus Zukio Digital ED 50mm F/2 Macro lens on both the E-M5 and the GH2, the differences in illuminance of the test-target scene when recording the E-M5 and the GH2 test-shots existing in the DPR Studio Comparison Tool was (
possibly ) equal to a rather significant 1.537 -
0.507 =
1.03 EV ("stops").
Please note that in posts subsequent to the above (quoted, and modified) text, I have discussed further unknown factors which would seem to (also) be a factor - with the effect of rendering the above derived
1.03 EV difference in EVs between the two calculations as
not constituting a reliable estimation of differences in illuminance of the test-target scene. I have (nevertheless) included that (modified) text in this (addendum) post including modified, alternative calculations .
With respect to Signal/Noise Ratio resulting from Photon Shot Noise, this information
(in the case of all other factors being equal) would appear to place the E-M5 at a
1/4 EV ("stop") disadvantage relative to the GH2 (if/when the users were to rely upon automatic in-camera metering indications)
Please note that the above statements relate to RAW-mode (not JPG-mode-referenced) levels - but a 1/4 EV ("stop") disadvantage in Signal/Noise Ratio would impact E-M5 JPGs as well as RAWs .