Compared to...

Studio scene comparison (JPEG vs. RAW)

Below are 100% crops from a JPEG straight from the camera and a RAW file converted in Olympus Studio 1.2 in 'High Function' mode, all other RAW conversion settings left as default.

JPEG straight from the camera
RAW via. Olympus Studio 1.2,
High Function
5,420 KB JPEG (3264 x 2448)
2,086 KB JPEG (3264 x 2448)

As you can see from these crops it is possible to squeeze a little more detail out of the E-300, it's also possible to get accurate reds too, but it did require shooting in RAW and converting using Olympus Studio (or some equally good third party RAW converter).