First, the bad news. EOSHD is a video-oriented site and his critique focuses on that. His breakdown is thus: the camera exceeds the inherent abilities of the GH2 but fails frustratingly in its implementation. In so many ways, the E-M5 falls flat when Olympus could have gone the extra mile to make the camera superb. The HDMI port is useless for anything above simply displaying stuff on a television. The camera won't do any frame rates besides 30p and 60p/i, which is a killer for anyone with semi-pro aspirations. The codec is quite poor, with some types of shots looking blocky and bad. And most troublingly, lens compatibility is poor, with the IS system being kinda' kooky.
Everything else is amazing. Resolution, dynamic range, color: it's all great. When this camera gets hacked, it will be an amazingly capable video camera. If the HDMI-out can be fixed in firmware, this will a true replacement for the GH2. If not, we'll either have to wait for Olympus to produce a more hybrid-oriented camera or for Panny to release the GH3.
If you only do videos now and then, the E-M5 will be more than enough. But if you like to do more than simply capture a party, you'll want to wait for the camera to get hacked, or just buy a GH2. You can get one used for half the cost of the E-M5.
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