One thing is certain: the Olympus E-P1 is a divisive camera. I've yet to hear from anyone who has tried it who didn't have pretty strong feelings one way or the other.

DPReview just published their (approximately) 80 page review, and Simon Joinson wrote of the E-P1, "The head says no, the heart says go."

Dante Stella and David Pogue, both of whom were seriously excited about the E-P1, were less kind after actually trying one.

I've not yet had my chance to hold, much less review, the E-P1, but I thought one of Simon Joinson's comments in the DPR forum was interesting. A forumer by the name of pollywogs wrote, "Giving the EP-1 a 'Highly Recommended" rating is watering down the "highly recommended" rating and making it meaningless. It also leaves no room for improvement. Suppose the next generation improves on the screen, the slow focus, the flash situation, etc... Well, it will also receive a 'Highly Recommended' rating. Reminds me of a teacher I work with who gives everyone an 'A' is his class no matter what they do." Simon responded, "No, it's like the teacher giving 'A's to the best students every year rather than saving them because there might be a better student in the future. Besides it's a recommendation, not a score."

I think Simon has it right. If there isn't a better camera for your needs at this time, there isn't a more "recommendable" camera. Still, when I consider the E-P1 for my own personal purchase, I have a tough time opening the wallet. I'm fairly certain that we'll soon see a Micro Four Thirds camera with form similar to the E-P1 but better autofocus and a nicer screen, and I'm not eager to pay the early adopter fee this go around. Besides, experience has taught me that I need one of two focusing methods to greatly enjoy photography: fast and reliable autofocus or a manual focus system which operates on look and feel. By nearly all reports, the E-P1 fails to deliver either of these, and so I'm thinking it won't be a great fit for me.

As an aside, I've come to enjoy the Nikon D5000 and AF-S 35/1.8 so much that I sold my D700, AF 85/1.4, and AF 35/2 Nikkors. While the service recall is a bummer, I think the D5000 represents a real step forward in image quality amongst smallish DSLRs, and the handling is great too. I thought about waiting for the E-P1 before purchasing the Nikon as my "small bag" kit. Glad I didn't.