...it depends how you shoot.
I encountered it with both the E-PM1 and the E-PL3 shooting with the camera held firmly to my eye with either an OVF (for wide primes) or the VF-2 EVF at moderate shutter speeds.
But Guy Parsons reported no such problem. He holds his camera away from him and uses the LCD to compose.
So I tested. Wonder of wonders, my IBIS problems largely disappeared when I did the same. Apparently, if you hold the camera too steady then it fools IBIS. Olympus advises to switch IBIS off if you are working on a tripod.
So the answer seems to be that IBIS needs a bit of gross movement to work with. If there is none or only very fine movement, IBIS will be fooled and introduce movement itself.
This is totally WRONG. I just tried it. Took a photo with my hands held in front of me. A photo withthe camera held to my eye using the VF-3. And one with the IBIS turned off.
Guess what? Both of the IBIS shots were blurry. The shot with the IBIS turned off was sharp.
(In case you're wondering, all photos were with the 25mm lens at 1/100 sec.)
I've tried many times to see if I can somehow magically make the IBIS work at 1/100 sec by holding the camera sloppily. Sorry. No help. It only makes it even worse. IBIS is broken at 1/100 sec.
On the other hand, the IBIS works at 1/8 sec with the same lens. It makes a nice acceptable sharp photo at 1/8 sec, but a blurry photo at 1/100 sec.