Some further impressions from the E-500...
- The Olympus Master software will not install on my pc (a Windows XP Sp1 machine), apparently it needs the very latest version of the Windows Installer software, which itself will only install directly from the MS site when you let mr. Gates minions validate your Windows and your hardware (which can be tricky on a laptop with pre-installed, licenced Windows as one does not have a Windows install CD). I'll try it later on another machine with Win XP SP2, but for now I am without Olympus' RAW development capability and without the option to update the firmware.
- handling of the camera is quite good in spite of all the buttons. I love the info menu that allows shortcuts to almost any setting, and the buttons for white balance, ISO, measuring method, etc.. I did forget to adapt white balance a few times after setting it by hand in one situation, switching off the camera and later starting it for another shot in a different setting. Something you need to get used to.
Yesterday I was changing batteries and I accidentally pushed the battery compartment door a bit too much, it fell out into my hand. Fortunately nothing broke, and I could simply push it back in the hinge, but this may be a weak point. Of course the battery will stay in as there is a security hook, even if the door breaks. But treat it with care. A polarizing filter will be on my wish list to add more drama to the skies that tend to blow out a bit.
SHQ JPEG files directly from the camera are usually quite good, but more garish than a shot taken in RAW and then edited and converted; even with contrast and sharpening both set at minus 1.
The 40-150 mm lens needs speeds over 1/250 to allow any handheld shot to come out usefully sharp at the extreme tele end (not crisp, but useable), as long as you can stabilize yourself (leaning against a wall or leaning your elbows on a railing for instance). Of course this is the equivalent of a 300 mm on an OM, so getting a useable picture at say 1/300 shutter speed without a tripod is not bad at all. For true crispness, you'll need a tripod or very fast shutter speeds though.
Well, it has been thoroughly reviewed elsewhere, so... let's just say I am not at all disappointed (except by the non-installing software). I think the E-500 will grow on me like my OMs did in the past.