http://www.luminous-landscape.com/reviews/cameras/olympus_om_d_e_m5_review.shtml
At this point I'd judge there to be little to choose between them in terms of image quality. At 24MP and with an APS-C sized sensor the Sony has an edge in terms of file size, resolution, and shallow DOF. But unless strong cropping or very large prints are the order of the day this isn't an overwhelming advantage. When it comes to overall image quality the O-MD offers very good dynamic range and highly accurate color. I haven't done a side-by-side comparison (my NEX-7 is in for repairs) but based on experience, when it comes to high ISO noise performance these two cameras are very close.
When it comes to lenses the Olympus has a clear edge, being able to call upon not only its own range of MFT lenses, but also Panasonic's. And of course there are all those terrific Olympus high grade Four Thirds lenses as well. With third party and legacy lenses the NEX-7 offers focus peaking, but the O-MD has in-body stabilization, which I regard as a trump card for those interested in working with non-Olympus glass.
Simply put, the Olympus O-MD E-M5 is a winner, and has now become my preferred camera for travel and urban walk-around shooting. The Nikon D800/e is still my main squeeze – an awesome camera in almost every respect – but, for its price and size it's hard to top the new O-MD.