Okay, I don't want to insist, here. Let's say we agree to differ. For me, other features are far more important, for you, the half-step advantage is the feature that counts.
Not saying that the half-stop advantage is the only feature that counts, just that it is one of those I appreciate and appreciate enough to take the extra bulk/weight it implies. With optical performance roughly on a par, this plus the OIS and lower price were the main factors on which I based my decision to go with the 100-300 rather than the 75-300.
As to the minimum focusing distance, I noticed when I checked the specs that the Oly can go to 0.9 m at 75 mm only. At all other FLs, the minimum distance is 1.5 m, just as on the Pany. In fact, the Pany has slightly better max magnification (0.21 versus 0.18), probably because it reduces its effective FL less when focusing at close distances.
It's a pity that neither lens can go closer than 1.5 m at longer FLs since zooms like these are quite useful for macro work (as LTZ470 repeatedly demonstrates with his 100-300). I have a couple of Minolta achromatic close-up lenses that I can put on my 100-300 if I want to, but it would be even nicer if I could do without. Apart from the slight hazzle of carrying these lenses and putting them on and off, I am not sure that either OIS or the new IBIS on the E-M5 works quite as it should once a close-up lens is mounted.
Like you, I also always use a lens hood on every lens so for us, this point is indeed of minor importance. But there are quite a lot of people - in the German systemkamera-forum, for instance - that claim that the 75-300 doesn't need a lens hood at all. I would massively contradict, here, but nonetheless, the fact that a lot of people make this claim speaks for itself.
OK. As long as the 100-300 mm has no problem with stray light when the hood is on, that's all I care about. Haven't even tried to shoot it in a counter-lit situation without first mounting the hood.