And finally here it is…the Olympus E-5! No surprise here, it looks exactly like the [shoplink 15032]E-3[/shoplink]. The E-5 will be announced tomorrow (September 14 in Japan).
Again the specs:
– Weather-proof (Magnesium) body
– 12.1Megapixel sensor (The same Olympus PEN sensor
– ISO 100 – 6400 in 1/3 or 1 EV steps
– AVI Motion JPEG(30fps) HD (720)
– 5fps
– it can take a picture with sound.
– mono mic with stereo external microphone input
– 3 inch LCD with 920.000 dots resolution
– 11 points full-twin cross AF sensor (phase-difference detection system)
– 11 area multiple AF (contrast detection system)
– CF and SD dual slot
– Built-in wireless flash
110 Responses
looks fine to me, externally, i like the slightly different prisma? is it different?.. why do you hide a part of the cam 😉
What a depressing offering – if true. This camera is 12 months late to the party.
12 months late? hmm.. the nikon d300 is 3 years old now and beats this thing hands down lol (more direct access buttons.. 51 point autofocus extremely superior and the list goes on and on)
this e5 is just pathetic haha
What? How? Really?
Looks like 1st of April to me.
That is was I thought when I saw the picture 🙁
I call it E-3Mark 1.1 !!!
more like E-3Mark 1.01
do you have a picure from the back?.. curious on the screen/swivel… and especially….what’s inside! good enough as the E-3 is one of the best built body’s out there.. (besides the eos1 series….)
There goes my dream of having the E-1 revived…
No offense, but I don’t believe it. What is the difference between this and an E-3? Oh yeah, probably $1000+.
I think we will all be surprised with what the new camera ACTUALLY looks like, and its real specs.
Of course I could be wrong 🙂
I wonder what the price will be?
That’s totally crazy. Absurd.
The same, SAME!, 100& THE SAME E-3 BODY.
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Admin, are you 100% sure of your sources? I mean,
the specs can be right but it’s an harakiri to sell
the successor camera with the SAME body of the predecessor.
90% sure.
so why it is f5?
Because FT5 is not 100%…it is 90%. I am never 100% sure until I see the camera announced 🙂
Admin, probably you should make the “RUMORS” banner in bright red – and flashing.
It’s a good idea Dummy 🙂
while the specs are a bit underwhelming at first, I would consider the following: there was nothing wrong with the E-3, the only areas where it was a bit dated were:
– the sensor
– the LCD
– the AF system somewhat
all of these got a boost now, the new AF system (with 11 DUAL cross-type sensors) sounds interesting, might even turn out to be nice. and we know the (top pro) lenses are a dream.
my only problem is the price. 1700 usd is simply too much.
Picture is a E-3(AND FAKE)
It is not.
It might not a fake/official, but it is clearly PhotoShopped.
Take this as a reference –
http://a.img-dpreview.com/reviews/OlympusE3/images/oly_e3_front.jpg – and you would see the differences, which can be only described as a doctoring.
If this is E-5, where is mono mic input? It should be on the front side. I guess the photoshopper forget to paste it somewere…
So I would say somebody is playing games with you admin…
good point
In a few hours you will see the official images 🙂
The projected date says it all – sept 14 = 09/14, or 09/1/4. This camera should have been announced on apr 1st, 2009. OK Olympus are you kidding me?
Guess my HLD-4 will fit then…..cool!
;-D
Olympus RM-CB1 Remote Cable Release will also work, in addition to the HLD-4 Power Battery Holder. Eyecups as well. Presumably also the BLM-1 batteries.
Good reuse of R&D resources.
But why not call it a E-3n?
Is it really that different from the previous flagship?
i kind of hope this is photoshopped, but at the end its the inner goods that matter, I was kind of hopin of a slightly smaller, more E-1esque design, but the E-3 is of fantastic build quality, so nothing wrong with the body.. just deliver the inner goods tomorrow olympus.. otherwise it might be remembered as the worst selling camera ever..
I don’t get why people are complaining about the body, I for one am hoping it’s the same design, I don’t want to “re-learn” the camera every time a new body is released, that was the biggest mistake Olympus made between the E-1 & E-3. Pro bodies need to have a consistency in design so that the transition is seamless.
The D3s shares the body with the D3, the D300s with the D300, 1d mk IV has the same body as mkIII. etc etc… I see no problem with the same slightly updated body. The grip rubber is more like the E-30 and the hump looks different, even the flash crack looks different.
Admin, this is an e3. Where is the rumoured microphone jack?
Is the E5 a camera that can take pictures with sound?
Who is joking with you man! Really, this cannot be true!
Something is not right here… I think the guys at Olympus are laughing their pants out when they read this website.
A camera that can take pictures with sound…. yes.. sure…. ha ha ha
Hi 43 photo! Just wait few hours and you will see the official camera. Don’t laugh yet 🙂
i’m OK with the same body, as the e-3/30 battery grip will still work (hopefully).
if the image quality is an improvement over the e30, i’m sure it will be great at taking pictures. i find the e30 satisfactory in that regards.
but, 720hd? please, we need 1080hd to compete.
one thing i was really looking forward to was making videos with my oly lenses…
But there lies a question…same sensor as EP series and a E3 small update…would you pay 1700 usd?
Read the poste about release date and the amount of many
Im gueesing a rumors site is not the best source to evaluate if E3 owners will upgrade or not…100 more or less posts is meaningless for having an answer…
I do agree. We should wait until the announcement before to say something definitive.
as they say you can never have it all in one…
if you look at the former E-5 teaser,it is just the same shape of E-3, i believe Olympus is facing some financial problem for its continuously disappointing bodies and lenses
Olympus’ main income doesn’t come from CAMERAS. Their main income I believe is high end optics for Medical Equipment (like ZEISS), and the patents they have regarding optics and technology that other companies pay them (sensor shift, sensor dust shake, etc)
Im scared
why ?
I should have gone with Nikon 1 1/2 years ago…I do notice that this is a FT5…great great job Olympus…NOT…
and maybe there is nothing inside !
the staff of olympus is 1 personne, all the other had left the boat for years ,
It took him 3 years to change the 3 in a 5…
please , I would like to wake up ,the nightmare is now too long.
Actually, if it is physically exactly the same as the E-3, that makes me happy, not depressed. It means not having to re-learn where everything is, and that all the old accessories will still work. I understand that it doesn’t “look new”, but it pisses me off when a company releases a new model and they’ve rearranged everything seemingly just for the hell of it.
If you compare the image to the E-3, they are identical, the only difference is the E-5 logo. There is not even a single difference, which makes zero sense. The E-5 will add a bigger screen, new card slot, microphone and new flash system, plus HD – so the fact that nothing on the front even moved, or was added, over the past umpteen years is unbelievable.
Heyyyyy… really. It should say HD
Exactly, it doesn’t even say HD, plus admin says 90% sure that this is it…. I think admin knows that 90% is not the level of accuracy.
Hi Jason. Talked with another source. Now I am 99% sure 🙁
Why would they change more than necessary? You’ll probably get a video button and som minor tweaks because of the different LCD-screen. Keeping it the same, even though the controls of the E-3 was a little off i basically good because most people prefer a few idiosyncrasies to an improved, but changed layout.
If the E-5 specs are correct then I believe Olympus has made a good compromize. 1080p video would have been better, but except for that they have done an excellent job. After all, the E-5 is just a stopgap camera created with minimal effort while they work at a MFT camera that will be the new real high end model. They have used exsisting wellknown technolgy to give the E-3 a much needed facelift. Let’s hope they do the same with the E-620 too, it could really need video support.
The is right, picture is fake, or maybe only E-5. LOL
If the specs are correct it will have made my decision to move to the 5DmkII that much better. I started out with Olympus DSLRs since the E-1 and I liked the E-3 but for what I do Olympus does not provide a machine capable of competing with Canon or Nikon. This will be unfortunate if they loose their innovating edge that they had back in the day.
Only thing that could be a let down to me is if the sensor is exatly the same as the EP1. I don’t mind the resolution, but no tweaking of it for better DR, sharpness, high iso, or some new feature. Unless the price is low with no new interesting feature it won’t be something I pick up. We will find out shortly.
it will have a lot to do with the processing engine. it’s incorrect to assume that it will have the same IQ as E-P1. even the 3 PENs have improvements as new models came out (the best being E-PL1)
assuming all specs are true… i’m slowly getting the logic (if you may call it) behind this.
olympus releases the final and best 4/3 body ever, the E-5. sure it wont be as good as a D300s or 1DMKIV but its the best you will get from a 4/3 (mirrored) DSLR. most of the shortcomings of the E-3 will be addressed: DR, noise, AF along with some extras (i.e. video). i wont be surprised if they also announce that this is the last 4/3 body.
now, is that it? i dont think so. i’m thinking they are going to show off a prototype of something new this Photokina. do we really think olympus will be content with just the E-5 for their Photokina show? here’s me hoping there’s something else coming. maybe a mock-up of the modular body, maybe something else, but most probably it will be mirrorless.
something i googled and compiled:
Olympus Photokina History
2002 – Olympus and Kodak announced plans to jointly develop a new digital SLR system, based on a standard sensor size and lens mount specification
2004 – Announces the first 4/3 camera, E-1
2006 – shows mock-up of the E-1 successor (which we now know as the E-3)
2008 – presents a mock up of what is now known as m4/3 (and E-30 prototype)
2010 – E-5 (and ???)
Da quello che leggo sono un po deluso, è vero che oly porta sempre delle innovazioni ma in ritardo su tempi rispetto alle altre marche.
A mio avviso non ha molto senso mettere un sensore già vecchio su un’ammiraglia come la E 5, è come dire alla Ferrari di usare il motore dell’anno scorso nella nuova stagione.
Domanda perchè spendere €1700 quando si può comperare una pen a € 500????
Sono daccordo 🙁
Io no perchè si accetta che una Nikon produca un 12MP (D3 e D700) e non possa farlo Olympus ?
I really think that’s a fake image, if not it means that the E5 has exactly the same body of the E3 and so it’s just an E3 upgrade. Just think that to mantain the same body means to mantain the same shape and size of the internal components that is quite hard if they have to change a lot of things.
I hope this camera will be a new E3 not an E3 with a bigger screen and video recording (who cares! This is a camera not a camcoder!) … let see!
I really hope that the image and ISO quality are better than ever (on 4/3 but not only).
Without that, the E-5 should be named E-3s or mkII or something like that… These specs are not enough for me to justify a new appellation.
I hope I’m wrong and this E-5 will be a great body! But…
First, Olympus launches the E5 and a few days after launching a new more sophisticated camera that will open a new stage. Closes 4/3 and opens the Super 4/3. 🙂
I trust in Olympus. 😉
Olympus has screwed the pooch. People buy Olympus because 1) they have amazing lenses, which, though expensive, are still bargains by comparison to Nikon and Canon, and 2) rock solid, weatherproof bodies. But does Olympus expect people to spend thousands on the great lenses when there are no new competitive bodies? It’s not ALL about the glass, and that becomes only more true as technology advances — advances that Olympus doesn’t seem to care about.
And then there is m4/3, which I really love. Panasonic is making better m4/3 lenses. Those lenses perform better on panasonic bodies. And Olympus has placed a premium price on the e-P1/2, but sells them only with mediocre glass.
Given this E-5, the only thing that makes sense to me is this:
Olympus admits that 4/3 is dead. They release modular bridge cameras for a few years, all the while making 4/3 level quality m4/3 lenses, and a weatherproof m4/3 body. After the new m4/3 line is established with good glass, they kill off the modular camera as well, leaving just m4/3. But if Olympus thinks they can compete with Nikon, Canon, Sony, or even Pentax with this, they are kidding themselves.
That sounds about right to me. This has to be the Swan Song for regular 4/3’s. Panasonic has already stopped, and no one other than Olympus is making bodies. It’s hardly multi-company system at this point.
I know Olympus makes great lenses, but I simply don’t understand the market for a pro grade 4/3’s DSLR. 95% of that target audience will prefer larger sensors. Based on specs alone I personally would rather have an aging Pentax K7 over the E-5. Especially since the K7 is almost half the cost. Olympus’ future lies in m4/3’s. That’s the ideal format for mirrorless cameras. Hopefully they will get their sh*t together and start releasing some serious m4/3’s gear before Canon and Nikon join the party.
> Panasonic has already stopped,
+10. Great observation.
If I understand well, the Lumix DMC GH1 carry the same E-P1, E-P2, E-PL1 sensor. Why then its DoXMark is 64 instead of 54-56 like most Olympus and other Panasonic 43 and M43 cameras?. And why its DR is 1.5 stops higher than the same Olympuses and other Panasonic cameras?. Does the associated electronics have something to do. I’m pretty shure it does.
The Canon 7D has DoXMark 66, very close to the DoXmark 64 of the Lumix DMC GH1 sensor.
Regards
The sensor in GH1 is different and better than the one in E-P1, E-P2, E-PL1 and now (if the rumor is true) in E-5.
GH1 sensor is little big size for use more aspect so: 3/4, 2/3 and 9/16!
So GH1 sensor is not the same.
I still don’t believe that Oly staff is not joking us. If they’re really going to introduce this camera tomorrow, they will do the same at photokina with a pro-modular-4/3 camera. They couldn’t wait until the new year, too many people would abandon the system in the meanwhile… They must officially leak something before 2011.
In case that is the camera we’ll see tomorrow (and I don’t believe it), those won’t be the specs, or are missing of something else, maybe one from past rumors. If they want to leave the 4/3 for m4/3 as this camera would clearly reveal, I want to see where are they going, what would I buy after my e-30, because of course I won’t buy this e-5 only for weatherproofing and 720p(!) video… oh the 920.000 pixels LCD!
> In case that is the camera we’ll see tomorrow (and I don’t believe it),
The picture above is clearly PhotoShopped. I too do not believe that it is real.
For a camera company to use a shopped picture as a poster… Unthinkable. If that is true then everybody should stop buying Oly immediately.
I think people have a wrong understanding of the PICTURE WITH SOUND. I think people are thinking of a VIDEO type sound record. That wouldn’t work in a mirror body, the shutter/mirror slap would be recorded during the shot, unless it’s live view only option that records, says, 5 sec of post shutter press, although that’s not something needed in a “PRO” body.
Many pro level (Canon 1D, 5DII, Nikon D3) can take pictures with sound. You can add a sound byte (record notes of the photo in voice). I’m thinking it’s the same type of “sound record”. Useful to pass the voice notes to the EDITOR so he knows when/what the situation was when you took the shot.
For example, I was in Israel for vacation and coincided with a “Gay Parade”. I was able to take a shot of an Orthodox Jew throwing a cup of coke at a gay guy, and another one of the Jew spitting on the guy. If I had a voice record option on my 5D, and was about to send it to my editor, I would say “Orthodox Jew throwing cup of coke and spitting on a gay guy in the parade” (this is done AFTER you’ve taken all the critical shots and while the thing is fresh in your mind, you can even ask the guy’s name and put it there, no need to keep a notepad or a laptop with you)
THUS, you don’t need the mic in the FRONT. For video, maybe Olympus decided to go with a plug-in mic only. If it’s going to be PRO level, you wouldn’t use in-body mic anyhow, no need to have puny mic holes in the body that record everything from shutter presses, wheel scroll clicks, etc.
anyhow, some info to clarify readers.
if the video is going to be so “pro” that only a plug-in mic good enough for it why no avchd?
only avi Mjpg?
who will spend money on a external mic when Mjpg is only option
this isnt even a sub par video DSLR. who in there right mind would buy it for video, seriously
If oly made a external mic for this cam they are beyond dumb.
and if they really offer it with no internal mic and expect people to by 3rd party mics they are wild
Honestly, I like the admin’s feelings….
NO ONE OUT SIDE OF OLY CAN MAKE SENSE OF THIS
NO ONE.
This cannot be rationalized by a logical mind without inside knowledge of olys future plans
We must wait on what oly has to say
and hope they are fooling us
BTW You are right
a recorder on the back for a scenario like the one you describe in Isreal would be a great feature.
I dont mean to sound rude at you, its oly I am angry with
Nice work Oly, I can plug a quality stereo mic in and record it to my high quality 720p 30fps footage, yuk! 1080p 25fps this would have been a great weather sealed dual video/still wildlife camera.
I really hope this is incorrect. I’ve waited for years for this camera to come out and be a game changer. I love Olympus glass but it’s hard to watch Canon release 4 great cameras to every 1 Underspect Olympus.
Looked at specs. Sat down for a bit. Cried, can’t be true. Lost faith for a moment. Went to Canon site to see what could replace my current lenses if I went for 5d MkII. Cried a lot, can’t be true – it seems that my set of Olympus lenses are quite nice compared to Canon. I have 35-100mm f2 (IS by default), 50mm f2 (IS by default), 12-60mm f2.8-x (IS by default), 50-200mm f2.8-x (IS by default). It seems that these would be hard to replace. I have also 9-18, 70-300mm and a few others, these seem to be easier to replace, even though all of them have IS by default. The only thing I REALLY want from the new body is better low light performance, otherwise I am fine. Not likely to switch after a first glance at comparing the lenses. Perhaps I buy the new body + 14-35 f2…
I have the 14-35 f2 Hannu, it is awesome. It’ll be great on the E5, I’m shure. I also will get the E5, but with the 35-100 f2. Don’t cry, It’ll be a nice camera with high image quality. Regards
Next 12Mp Pen senzor?
I think so i also.
What lens is that?
12-60
Looks like the 12-60.
Maybe,………….. ZD 100mm F2 Macro!
Oh, yeah, for sure. The 100mm macro will be constructed with as many groups as a 5x zoom…
Exciting exciting 100mm Macro and 5x zoom i can not sleep in night!
I think Olympus is celebrating april fools late this year. What a load of cr@p.
so, if it is the same shell shape as the E-3 … that is a good thing, your grip should fit, maybe the battery too?
As an E-30 owner (already with the PEN chip in it, and I have an EP-1 too), I’m quite happy that on that spec list I won’t be buying an E-5. But that has to hurt Oly, I should want to upgrade to this body. I chose the E-30 instead of the E-3 because the ‘overall’ spec for me was better on the E-30. Ask me as a new customer today (ahem, tomorrow) comparing the E-30 to this E-5, the spec/price would still see me buying an E-30.
100% viewfinder, sound(!?), magnesium alloy … just isn’t worth the extra cash over the E-30 (he says, price unseen).
There are two ways that this camera can still wow us:
– a tilt/shift chip so that all lenses at T&S
– a new engine working wonders on that PEN chip to give us super low light
Anyway … it still makes the E-30 look good
Agree with Hannu on the lenses, Oly got some good there
PS – Oly can still give us a 21mm f1.4 or f1.2 or f1.0 … and a 12mm f2 and a 40mm f1.4
I still wonder why so much of you still think that Olympus will EVER construct faster than f/2.0 lenses.
They won’t – Olympus obviously has no clue whatsoever about what people desire. They are a massive failure.
why not 🙂
they won’t. instead they will make a 14-500mm f5.6 to f10.4 for m43.
someone would buy that!
but they made a bundle of f2 zooms, nobody makes f2 zooms other than Oly
Panasonic made the 20/1.7
Leica make a 25/1.4 for a shocking price
go on Oly, please, a couple or three f1.4 lenses (wide, normal, portrait)
I call BS. Where’s the Mode Dial? Presumably since they removed the Mode Button from the E-30 they are opting for an E-30 interface in future 4/3 models. The E-3 had a few dead-ends, in terms of usability evolution.
I agree that it will likely be very similar to the E-3 (no need for dramatic change, IMO) but this picture isn’t the real deal.
E3 never had a mode dial either.
I know that…. that was kind of my point. If Olympus tried to go away from a mode dial with the E-3, and subsequently went back to it with the E-30 & E-620, why go away from it again?
Because they still have a large stock of old E-3 bodies, as the camera didn’t sell nearly as well as they expected (which is quite normal, since Olympus is seriously disconnected from reality and the photography business).
After reading the comments… It is unanimous:
(*)Olympus no longer makes a competitive professional camera.
While this fact alone is a major blow, I believe the repercussions are potentially much greater. A flagship camera, like the E-5, is supposed to be the focus of innovation that eventually trickles down to the consumer cameras. Without new technology at the top it is hard to imagine that they can stay competitive in the consumer market (a.k.a m4/3).
If this disappointing announcement signals the end of 4/3rds, I can only hope that a ‘professional’ (weather sealed, faster focus) flagship m43 is on its way. Of course that would require some quality m43 lenses, another area where Olympus is seriously lacking.
However, I feel the worst for the commenters who think the true E-5 specs will be drastically different than those listed here. It’s called D-E-N-I-A-L.
Ok all of those of you who made fun of me when I said I was selling all of my Olympus gear and moving to DMF, a Big HA HA HA.(link to the Video 4/3 rumors scooped for this blog, http://www.youtube.com/watch?v=GdWrc4zLJKs)
Olympus doesn’t care about any of you so called Pro DSLR users. They make .000001% of their business from their flagship DSLR’s and even less on the SHG glass. The 300 2.8 is made to order, and so are some of the other more expensive shg lenses. They loose nothing if no one buys as they arent sitting on shelves waiting to be shipped IF someone buys one.
Look at Olympus business plan. They clearly state the direction they are moving, and it doesn’t involve the development of the Pro-Grade DSLR bodes.
Have any of you read the Olympus Annual Report http://www.olympus-global.com/en/corc/ir/annualreport/2010/pdf/ar2010.pdf.
Their plan is to grow their market global. “”We expect China to be the most promising block for future growth” Read page 8 of their plan. Plan is the blocks to be achieved by 2020. The third block says it all, they devised the 1/2 (half) 2020 slogan, they want to cut co2 in half by 2020. This is their plan, build and use micro factory’s. “WE WILL ALSO STRIVE TO ESTABLISH TECHNOLOGY’S TO ACHIEVE SMALLER AND LIGHTER PRODUCTS AS WELL AS SAVE ENERGY”
Do you think China is a large consumer of Pro Dsr bodys. Read the report.it clearly spells out the direction of Olympus. They want to expand. Medical is #1 then Micro tech #2. They could care less of .0001% of thore Niche business and the new e-5 will show you just that.
I take portraits, I want to be able to serve my portraits to anyone from a billboard agency to a mobile phone. DMF will let me do that. Olympus lost me when they would not upgrade the firmware of the e-3 to be at least competitive to the e-620. No micro lens adjustment in the e-3 yet available in the 620. What a Joke. My 14-35 (sold btw) had to be sent in to Oly 3 times for back/front focusing issues. It worked flawless on the 620. Now tell me Oly did not make a effort to hobble the e-3
It is true that Oly has shown very little interest in making the firmware of the E-3 up to date to the rest of their line.
My hopes are not high: after my E-1 the E-3 was very welcome, but I’m still forced to rent a 5DII when I need to to professional work which is very frustrating, considering how little it would take to have a 4thirds compete with the canon&nikons.
That would be:
1 Sensor equivalent or better than the GH1 (sounds like we may just get that)
2 Settings allowing 5-7 brackets 1-3 stops apart
3 DECENT thether software (or ever better an iphone app)
If they would do that, I would not need to rent a Canon… But I have very little hope…
So I’m awaiting Oly and Panny announcement, and then I will have to make the decision if I can afford to stay any longer on 4third or move on…
I already have the E-3 (love it) and the PEN E-P2 (like it). But if Olympus gives us a PEN camera packaged inside of the E-3 body and calls it the new E-5, I’m afraid I don’t see anything there to make me care to buy it.
No ISO 50?
And I bet the baseline ISO is again 200??
🙁
Why not ISO 25, ISO 12 and ISO 6 like so OM camera to Olympus.
pretty sure this pic is a fake. I downloaded the pic and zoomed in on the logo and it is definitly pasted off of another image
Yes the is 1% E-5 and 99% E-3, maybe little strict.
Wow!
Yo no compre en su día la E-3! Parece que retrocedo en el tiempo! Me he ahorrado un cuerpo inútil! Las cosas no están como para vender todo el equipo e irse a 5D Mk2! Puede que compre esta E-5 a la espera de un seguro cambio en el futuro de marca! Suerte a Oly
Highlighted on the link below.
http://forums.dpreview.com/forums/readflat.asp?forum=1022&message=36313652&refresh=1161
I don’t have one of these little holes along the bottom of the hand grip!, I just zoomed to 700% in photoshop and found this from the photo on your 43rumors.com site.
The only thing I think when I see this photo is were in the hell is the lens release button? You would see it from this angle. That is the only thing that looks different on this pic of the e5. but i am rather skeptical of this pic! They have this exact photo of the e3 just minus the e3 logo and with the lens release button. I say fake!
That it is E-3 picture, 100%. Olympus better surprise us, otherwise it is time to switch… Need fast prime lenses, better ISO performance(lower noise), better autofocus in the dark. Not major, but very annoying thing with shadow from the lens(when wide open(12-60)). And one more thing- they better read some blogs and listen what people would like and what they complain about or need improvement on!
@Tom, I think it is clear that the E-3 or E-5 are not the profit center of the Olympus corporation, however, even if they offer (2-3) FourThirds camera bodies, it is still important for Olympus to have a flagship/halo model. This camera is still important to them, even if they generate most of the cash from their endoscope, microscope and MFT divisions.
There is something different about the left side of the body where the memory cards and the like go as compared with the E-3. If this is the E-5 and they haven’t made any serious leaps in DR or low light, or if the price isn’t very agressive, this seem like bad news for the future of 4/3rds (not for m4/3rds).