So, why not to extend this first curtain rule all over the range of shutter speed?
As you get faster than 1/320 sec then the shutter has done the exposure before the shake starts to cause significant problems. Once you get to say 1/2000 and faster it's only a slit passing over the sensor and its travel is all done before the shock intrudes.
It would be nice if Olympus or somebody who can test all this stuff properly could tell us exactly what goes on and the timing involved.
The nearest that we have to perfect understanding of the problem is CrisPhoto's totally excellent post at
http://www.dpreview.com/forums/post/53456685 where his CRO traces tell us the timing of the shock.
His shots are at 1/25 second, so to see the effect at 1/125 second we have to refer to only the first 20% of the CRO trace from the left, and surprise surprise, that is where the major shock component is lurking.
At say 1/2000 sec then only the first 1.25% of the trace would be the exposure timing, that happens before the bump of the shutter shock starts to have an effect.
The downside of 0sec anti-shock is the 25mS delay before the exposure starts, which may disturb some overly sensitive souls here. So maybe that's one reason why it is disabled above 1/320 sec.
Regards...... Guy
Apart from the fact that the blur due to shutter shock is reduced when the shutter speed becomes sufficiently high, one other reason for not using the EFCS (0-second AS) above flash sync speed is that it becomes more difficult to implement correctly beyond that point. In order for the EFCS to work right, the movement of the first electronic curtain across the frame must match the movement of the second mechanical curtain or the exposure will not be even across the frame. What makes this a bit complicated is that what must be matched is not the movement of the second curtain itself but rather the shadow it casts on the sensor.
The latter, in turn, depends on the lens and the FL and f-stop at which it is used. So to have the EFCS work with precision, the body must know certain things about the lens and then use this information to control the movement of the first electronic curtain across the frame. When implementing the 0-second AS, Oly has in all likelihood not bothered to work this out. This doesn't matter much as long as the shutter speed is at flash sync or below since the error will be of marginal size. When, however, you go above flash sync, and the shutter forms a slit without ever being completely upon across the entire frame, it becomes of increasing importance.
Two MFT cameras that in all likelihood do take the lens parameters into account when using the EFCS is the GM1 and GM5, neither of which has a mechanical first curtain and therefore always uses EFCS when the mechanical shutter is employed. Since the second curtain of these cameras moves slowly (flash sync is only 1/50 s), the timing of the first versus second curtain becomes a practical problem much earlier than with the Oly bodies that use an EFCS. Consequently, the GM1 and GM5 don't even allow use of the mechanical shutter unless the lens is electrically connected and the relevant lens parameters thus known. For MF lenses, only the purely electronic shutter is operative with these bodies.