Pros Small size
Weather sealing (including the kit lens)
Fast AF / Fast continuous shooting
Impressive image quality
Articulating screen is incredibly useful
Live Time feature is awesome for long exposures
IBIS is very effective
Cons OLED screen isn't the best in sunlight, but then most screens don't excel there.
High ISO banding
EVF not the same as pentaprism
Battery life not the best (compared to the D90)
Goofy playback and Fn1 buttons location
Summary I was looking for something light and portable to replace a Nikon D90 and decided to give the E-M5 a go. Overall, I'm extremely pleased. Most of my cons are minor and I'm still learning how to use the vast array of features this camera has to offer. Not perfect and certainly has some trade-offs with a full sized DSLR, but worth it in my opinion.
And to clarify a couple of the cons:
High ISO banding in underexposed areas using the kit 12-50mm and 20mm pancake, but quite a bit worse with the 20mm. Starts at around 3200 and gets progressively worse as the ISO is raised. I've read that Olympus has acknowledged the banding issue, so I would expect a fix forthcoming.
EVF is problematic for nighttime long exposures. With the pentaprism viewfinder on my D90 composition is possible with available light, but the EVF is not sensitive enough so you have to compose through trial and error.
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