I'm looking into some m4/3rds gear, but trying to spend as little as possible, yet for the best I can afford. This E-PL3 was offered (red one, no less), and 2 lenses 14-42, and 40-150mm, for $250.
Don't buy it.
Even if the price is very cheap, the Olympus E-PL3 is a first-generation (12 Mp) camera. These cameras were great when they were new. But their sensor was limited
de facto to ISO 800.
Second-generation (16 Mp) m4/3 cameras are so much better (limited
de facto to ISO 6400). The earliest second-generation models (like the Olympus E-PL5) should be available for a few dollars more. The pictures taken with these models are almost as good as with the latest OM-Ds.
Even if I've loved the first-generation m4/3 cameras that I had (a Panasonic GH1 and GF1), there is no way that I would buy a camera like these today.