The EM5 is disappointing. Not much of an improvement but if they added all the things OM-1 can do they would have to sell it for $1,800. That won't work either. The only thing they can do to move it is reduce the price.
They aren't going out of business though. My local dealer just received their first 150-400 for inventory. It took until this month for them to fill all the backorders for this $7,500 lens, all sold with no discount to people with an M1X or OM-1.
That's $10,000 for a body and lens for birding. Those customers will buy or have bought more PRO lenses, 12-40, 40-150 and TCs maybe. They have $13,000 invested in the system and none of it is coming back the dealer told me. Most of them converted from Canon or Nikon. The Sony people are more loyal so far the dealer says.
As long as they have people investing this much in the system they will be around. If the new OM5 doesn't sell well probably will have no effect on financial performance. It's easy to see they can't make money on $1,000 OM bodies. I wonder if they will keep offering the EM10, if they will make an OM10, or sell out the inventory of the EM10.4 and let it go?
I've been reading people predicting doom for M43 for more than 10 years. They look pretty foolish now that it has close a lot of the performance gap and still offers telephoto systems at half the weight so you can leave the tripod home compared with FF systems.
What's happened is all systems improved but human eyesight is constant so now the M43 sensor can make as good an image as people can see. The gap between systems is a lot smaller than it was. It's a matter of cost. You can make a top-performing body and sell it $1,000. At $2,000 you can. Once OMS proved it can do the job and people began to spend this much on M43 bodies it was clear that the people willing to spend the money can have M43 system performance they want for sports and birding. Those who want it for $1,000 are not going to get it. Even at these prices for PRO lenses and OM-1 bodies the system is much less expensive than FF. A top-of-the-line SONY, Nikon, or Canon sports or birding system with one fast long telephoto zoom is $15,000 - $20,000. And they need a tripod. People who expect to buy something like that in any system for $2,000 with the lens are living in a fantasy land. The OM5 can do everything but subject recognition, sports and birds in flight and there are reasonably priced consumer-grade lenses for it. I'm still using my EM5.3 and find it as useful as when I bought it. The EM1.2 I traded for the OM-1 is still a good camera at 6 years old, just not as easy to use for sports and birding compared with current models. M43 is a bargain at current prices and a very capable system with all models.
The camera doesn't make the photographer or the photo. The photographer does that. An EVF won't make a bad photographer a good one. I found the EM1.2 EVF and LCD resolution good enough. I just needed one that doesn't black out during high sequential shooting. Very few EVFs can do that.