Just announced:
http://www.dpreview.com/news/2012/02/08/Olympus_OM-D_E-M5_announced

Estimated Street Price:
$999.99 (Body only, available in Black and Silver)
$1,299.99 (Black or Silver body with black M.ZUIKO Digital ED 12-50 mm f3.5-6.3 EZ lens)
$1,099.99 (Black body with black M.ZUIKO DIGITAL 14-42 mm f3.5-5.6 II R lens)

Olympus will also introduce later this year:
the M.ZUIKO DIGITAL ED 75mm f1.8 and the M.ZUIKO DIGITAL ED 60mm f2.8 macro

The specs are now up on the Olympus website.

Coupled with the Canon G1 X, it's kind of cool to see the highly rectilinear design ethos of the late '70s and early '80s come back around.

But, the proportions on this Olympus body are a bit wonky.

All else, I don't know enough about Olympus to make an informed comment, so I'll shut my yap.

Yup, definitely getting 80s camera flashbacks seeing this, especially the optional 'motor drive.'

Looks awesome. My detailed thoughts: http://admiringlight.com/blog/olympus-releases-the-e-m5/

The black version is a beauty!!!

I really like the 'huge' hump of the viewfinder--reminds me of my Nikon F3HP's I had back in the '80's . For myself, I like what I see.

I am anxious to see this new IS it has. Having just invested into M4/3, no doubt I I'll be picking the lens and body combo up and selling the EP3 once it arrives.

Jman13 wrote:
Looks awesome. My detailed thoughts: http://admiringlight.com/blog/olympus-releases-the-e-m5/

It does, and nice write up! One quibble on your write-up, 14-bit RAW will buy you nothing but larger files with the sensor on this camera. Read noise is way higher than the quantization noise from a 12-bit RAW file.

The DPR preview shows that the button customizations are excellent. Five custom buttons! They don't describe the dial options though.

Ken

DPreview hands-on preview:
http://www.dpreview.com/previews/olympusem5/

http://www.bhphotovideo.com/c/product/842931-REG/Olympus_V204040BU000_OM_D_E_M5_Micro_Four.html

this camera does look nice but I don't think the M4/3 crowd can make fun of the "huge" Nex kit lens anymore. That 12-50mm is massive looking on the OM-D

Man... Must-not-pre-order... Don't need it that soon...

Ken

The external flash with video mode sounds kewl!

So does the 9fps continuous drive full sized shooting!!!

Looks very solid. I particularly like how they handled the grip, with either the bolt-on front grip or the grip plus a vertical/battery grip.

I think Oly's got a winner here. Especially if the AF can keep up with the 9fps continuous rate. But even without that the EM-5 plus a set of m43 primes or the 7-14 and 12-50 zooms looks like a great kit for lightweight and capable shooting.

If I was looking to jump digital systems, I'd be looking strongly at the EM-5 with the 12/2, 25/1.4 and 45/1.8.

I noticed they got the "E" on the right way before they released it! Good thing too I wouldn't have bought it with the E on backwards

The video that Olympus is supposed to have on the OM-D microsite should definitely be playing the LMFAO hit song:
"Sexy and I Know It"

very nice. i'm a little bummed it's 4/3, but it looks pretty solid. i still love my old OM's though.