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The good: The Olympus PEN E-P5 renders extremely good photos for its class, and has a streamlined shooting design. Plus, it's fast. The bad: The navigation button/dial is annoyingly awkward, and I wish the flash tilted. The bottom line: An excellent entry in the Micro Four Thirds universe, the Olympus PEN E-P5 should please a lot of folks, but it's also expensive given that it doesn't deliver best-in-class photo quality. Normally a two-year product cycle isn't that much for a camera targeted at advanced photographers. But in a field where technology mutates as quickly as it does for advanced interchangeable-lens cameras, that's a long time. So at two years since the Olympus PEN E-P3, it feels like it's taken just a little too long for the PEN E-P5's debut. But in addition to incorporating the sensor, autofocus, and image stabilization systems from the E-M5, the E-P5 gains a tiltable touch screen; broader scene analysis in auto mode; 1080/30p video; and other features. All the changes add up to what feels like a completely different camera, with better photo quality, a more streamlined design, faster performance, and a broader feature set. You can buy the camera either as body-only or as a kit that includes the 17mm f1.8 lens plus add-on electronic viewfinder. The latter configuration is expensive, but I'm quite partial to the EVF. It's humongous, but it's a lot more stable to shoot that way. If you do opt for the body only, resist the impulse to pair it with the cheap 14-42mm lens; a camera like this really cries out for a sharp, high-quality lens. Image quality The E-P5 delivers the best image quality I've seen from a Micro Four Thirds camera, finally ratcheting up my image quality rating, but it's still not quite as good as APS-C competitors. The camera's JPEGs look good up through ISO 400, and OK through ISO 800; by ISO 1600 the noise suppression gets aggressive. I really wouldn't shoot at ISO 3200 or higher with the E-P5. As it is, at ISO 1600, only the precisely sharp areas look good viewed at 100 percent, though 13x19 prints look OK. You can gain a little latitude by shooting raw, though you're generally exchanging mushiness for graininess. Olympus' image processing has gotten better since the O-MD E-M5, with less sharpening and less of the crunchy look.
