Are you sure it's not CA/PF?
One of my friends is a professional photographer (among other things) and he has a great many cameras. One day, we set up a moire torture test among the great and the good of photographic equipment. Among them was my E3.
The E3 was the only camera in that test did not exhibit moire or other colour deviations.
This is one thing about Oly that has always endeared me: they didn't go for the easy way out if it compromised IQ. Colour is more important to me than sharpness because, for me, colour is a lot harder to correct than sharpness.
As to whether it is the result of a weak AA or something else: if one spends time staring at Kodak SLRn or SLRc files, one gets to know what alias artifacts look like because the Kodak has no AA. Because it has no AA, there are colour deviations all over the file just as they are in the E5 files I have seen. For this reason (alias artifacts, of which colour deviations is only one), no stock agency would accept Kodak files even though they are incredibly mind-blowingly sharp and, on the whole, have astounding deep rich colour.
OK, this is interesting. Clearly, a Bayer CFA has an AA filter for a reason. Let's take a moment to walk through why a camera manufacturer would bother with an AA filter.
Each pixel is covered by either a red, blue, or green color filter. So, what happens to all the red and blue light falling on a green filter? The AA filter directs some of that light to the adjacent pixels covered with red and blue filters so it is not lost.
Of course, it's more complicated, because each color filter admits a
range of colors, and these ranges overlap for each of the filters. That is, a green filter does let a certain amount of red and blue light get through. However, that red and blue light is recorded as green. Welcome to color noise!
Anyway, the processing of the RGGB pixel array takes into account (hopefully) the transmission error of the color filters and the strength (blur) of the AA filter. But, now that I think about it, how would 2nd party RAW converters have this information? Sounds like a new thread...
But the AA filter clearly serves a purpose, else the manufacturers wouldn't go to the trouble to put one in. The question is if software might not be able to do what the AA filter does, and do it better. Well, processing can't do what the AA filter does, but Olympus clearly felt that a weaker AA filter in combination with new software could.
You say that the tell-tale artifacts of an E5 file are the signature of an AA filter that is "too weak", and an unacceptable trade off for increased detail. That's a fair point that I can't deny.
All I can say is that, for the most part, the E5 files I've looked at look very good. I'm thinking that the E30 is the better system to compare against the E5. The confounding variable of pixel count is removed, and I was under the impression that the E30 did not have a weak AA filter (although, if it used the same AA filter of the 10 MP E3, that would have made it a relatively stronger AA filter on the E30 than the E3).
It's interesting to discuss, but the ultimate solution is a sensor with so many pixels that the blur of the lens itself acts as the AA filter. That way, you don't need an AA filter, but get the results of an AA filter, along with the most that you can get out of your lenses.
So, is 16 MP "enough"? Not by a long shot. Olympus should be leading the way with high MP sensors to make the best use of their lenses. I've yet to understand why they can put 14 MP on a 6x sensor (same density as 126 MP on a 4/3 sensor) but are so slow to even put 16 MP on a 4/3 sensor.
'Course, don't think I'm singling 4/3 out -- I have the same criticism for APS-C and FF.