Help Me Select: E-PM2 vs E-PL5 vs E-P3

Hi, I have been through some of the same things, having sold my previous cameras, coming back, and being constrained in budget too, among other things that come with age.

I researched for about a whole year, before making my decision and I believe I can help. I studied all these cameras, and also some other alternatives like the NEXes and I think the E-PL5 is the best small interchangeable camera on a budget at this time unless there are very special requirements. IMO, there is no reason to consider the E-P3, due to a huge improvement in the sensor available to Olympus since that camera - a fact well reported and tested. The E-P3 (and also all the Olympus cameras) before the E-M5 is known for relatively poor IQ, especially high ISO performance and DR performance, compared to others. The important question here is whether that its IQ is adequate for you. For most it is not. While there are many things you can do to get better quality in your photos with the E-P3 (and even excellent pictures given the right conditions and using all the tricks in the book), life will be a lot easier with the new E-M5 sensor. You will be able to do a lot more in cropping, in post processing, to salvage a shot, to get special effect, etc with the great 16MP E-M5 sensor in the E-PL5 or E-PM2.

While on a budget, often it is tempting to cut corners that could result in long-term grief and hence come out worse off. For a student or young person, with expectations of more income and continued accumulation of wealth, it is fine and a budget camera can be replaced soon. If that is not you, and you think you want to use this camera for a number of years, it is more important to think about TCO, total cost of ownership, over those years because you don't want to have to upgrade. The E-PM2 is a bit basic and can take away some enjoyment in this hobby. The E-PL5 has the same capability in terms of photographic functions, but the user interface and features that help you capture the photos successfully and easily are important.

So, I recommend the E-PL5, given the small difference in cost. I myself bought the E-M5, upgrading from the E-PL3, which is a very nice little camera that does everything except delivering the IQ I wanted. The E-PL5 should be very similar, but has the E-M5's sensor and therefore IQ. Putting a highly regarded sensor in the flagship model in value cameras is very rare in cameraland. I think you should take advantage of that and forget the E-P3. Consider carefully, and consider also all your requirements, and the consequences long term. Good luck.