I would be very tempted by the new epl1 with its flash and accesory port - the EP2 is just too pricy for me... but i would still pick the ep1 because for me the IBIS is what i got the ep cam for to use old glass and the stabalizer is better in the ep1 than the epl1 - claimed 4 stop ove r3 i think, and I get by ok focusing with only the screen.
Only problem with the IBIS is that from the tests I've read, the EP1&2 never achieved a 4 stop improvement. Its possible that the difference between the E-P1 & E-PL1s IBIS is less than a stop - consider that the difference between 4 and 3 is one quarter. Hence from the tests I've seen, with a maybe two stop benefit, the improvement is half stop (two divided by four). And if you add the EVF to the E-PL1, the camera will be more steady, which will improve the stop factor much more than one quarter of a stop IMO. So with IBIS and the EVF, the E-Pl1 wins IMO.
Concerning the question of lenses, everyone says get the Pan 20mm f1.7. Only problem with that, is that the lens typically costs $US500, and discounted but tough to find, around $420.
Then look to the cost of putting on your 4/3 lenses. Add $200 to get the adapter. Wow - those two improvements alone add up to the cost of a whole E-PL1 kit, or E-P1 run out kit (presuming they will).
Now - if one buys the GF1 with the 20mm f1.7 for $1000, its a bit cheaper than buying either of the other options and getting the 20mm f1.7 lens as an extra. I also think it likely, that IBIS isn't mandatory when shooting with a 20mm lens.
Now if you add the adapter for you other lenses, what happens? You spend another $200, but you can use your older 4/3 glass. And then the camera explodes in bulk. Hmmm ... what about buying a compact 14-45 OIS m43 Pana lens? On ebay, they seem around $300 or so (a G1 with one is around $650). If you did that on a GF1, you have two lenses that are compact, one with OIS. And in a smaller pack than the Pen (because your old glass is bulkier). All for $100 bucks more ...
Its not an easy decision IMO. Which is why I am still vacillating. I reckon in time, my 43 glass won't be used ... If I through it all out, and bought Pana stuff, I'd be well setup. However, non of its water resistant, which complicates it all for me.
The cheapest thing though is an E-P1 and buy the ClearViewer instead of a proper EVF. Although the 230 dots won't work as well with a Clearviewer as the GF1's, I reckon its not a bad alternative to the quandary.
Also, is video an issue? That complicates things even more!!!!
