Well, I guess it's time to experiment.
It would be interesting to know whether those people using 1/3 stop ISO settings would be better served to stick with 1 EV steps and under (or over) expose, then bring the brightness up (or down) in post.
For ISOless sensors (sensors where the read noise does not depend on ISO), it makes no difference in terms of noise, but using a higher ISO may clip highlights, so it's safer to use base ISO and push in the conversion.
For non-ISOless sensors, the higher ISOs almost invariably have less noise, so it's better (in terms of noise) to use the higher ISO and pull down (although this may clip highlights).
Let's take the E5 as an example:
http://www.sensorgen.info/OlympusE-5.html
At ISO 200, the read noise is 15.4 electrons, whereas at ISO 400 the read noise is 11.2 electrons (about a 0.5 stop difference). So, it is better to use ISO 400 and pull down rather than use a lower ISO (1/3 stop increment or not), although this may result in more blown highlights for a given f-ratio and shutter speed.
For the E3:
http://www.sensorgen.info/OlympusE-3.html
it's an even better idea to use the higher ISO (in terms of noise) since the read noise differential between ISO 200 and ISO 400 is even greater (22.1 electrons vs 13.0 electrons -- about a 1 stop difference).