Olympus E-PL1 announced.

http://www.dpreview.com/previews/olympusepl1/
I had a good look round the specs. Some things look good initially.

The magnify live view button looked useful, but then you still have to press it again to return to normal view. Unlike the Lumix system which once you've focused, you can press the shutter, which clears the magnified view and lets you take the picture. So in practice its still a two button press to magnify focus. This new Olympus system is similar to the Canon 5D MkII, both in operation and position.

The flash is useful, and hopefully it will be better than the lumix flashes which are pretty ordinary.

The dedicated record button is just another button for me to press accidentally!! I've disabled mine on my GH1. I'm an old fashioned guy & always reach for the shutter button to start shooting, & that includes video.

The 14x magnification sounds good, but the EV-2 is so good I've never even used the 2nd level of magnification. Anyone who manages to focus a long lens, hand held at 14X will qualify for some sort of award!!!

Lighter low-pass/anti-aliasing filter. Bravo! I'm for removing these altogether. It will be interesting to see some samples, to assess the difference.

There's no AE/AF lock button - BOO!

IS apparently inferior to E-P2??? Does this mean that they have designed a different system for the new camera that isn't as good as the more expensive model? The words skate and cheap spring to mind.

Plastic body, Re-designed kit lens with plastic lens mount. Hmmmm...
m4/3 lens feel "flimsy" at present, including the lumix pricy ones.

Slghtly lighter and smaller. Some will see this as an advantage. Some won't.

Design - Looks like a compact to me, but they do make a red one!!

Some more lenses at last.

I'm not sure about the 9-18 extension. Seems to negate the advantage of the small size. Having used the current 14-42 with its extending barrel, its not a feature I'm enthusiastic about. It looks cheap and nasty to me & strikes me as unnecessary and prone to damage. Also f5.6? It would be interesting to know at what focal length it hits f5.6 and how long it stays at f4. And many of us hope that its sharper and faster than the 4/3 9-18.

The "big zoom" is slightly longer and faster than the Lumix version. Obviously no silent video option so it is cheaper than the Lumix. Thats a good thing as it offers a different "big zoom" option for people not that interested in video.

This will tick many boxes for people.

I will certainly try it, if only to see what the lighter low-pass/anti-aliasing filter does.(or doesn't)