Olympus started a mini-revolution with the release of the E-P1, or PEN. By combining elegant retro styling with superb build-quality, a compact Micro Four Thirds body, interchangeable lenses and most importantly, excellent picture-taking capabilities, the E-P1 was as desirable as it was expensive.
However, there was no built-in flash, and although Olympus makes a tiny external flash especially for the E-P1 it's an added expense many didn't want to pay for. Because of these issues and also its high initial price, the E-P1 has faced some stiff competition in the form of Panasonic's GF1, with it's even more compact body, built-in flash and optional electronic viewfinder.
With the new Olympus E-P2, the company has addressed most of these points. It's pretty much an E-P1 with a few significant tweaks -- but unfortunately, a much higher price. Even if you search for a good deal, an E-P2 will cost you around £200 more than the original E-P1.
Externally the two cameras are difficult to tell apart, save for the new model's black and dark metallic grey exterior. There's not much that's changed about the internal hardware either: The image sensor and the bulk of the electronics remain unchanged.
If you need flash you'll still have to fit an external unit just like on the original model, but just under the hot-shoe is a new "accessory port" which currently allows you to connect either the included electronic viewfinder (with a considerably higher resolution than Panasonic's offering) or a range of microphones for off-camera audio recording while shooting video up to 720p resolution. Olympus hints at additional future uses for the accessory port, promising the connection of "an array of professional devices".
There are a few important internal upgrades too: A new autofocus mode locks onto your subject and tracks it as it moves within the frame, be it across the frame, into it or out of it. Of course it also continuously adjusts the exposure as it moves. The fully automatic "iAuto" camera mode has now been upgraded to incorporate "iEnhance". Now, not only does the camera automatically detect the kind of scene you're shooting and set the correct exposure, it also makes adjustments to colour and contrast to fit. For example, it will automatically boost reds when it detects a sunset.
At the other end of the spectrum full manual mode has now been expanded to work with video, giving you control over depth of field and shutter speeds when shooting HD video.
Other additions are relatively minor: couple of extra art filters which expand on the range of somewhat gimmicky but fun picture effects available in-camera. Particularly fun is the new Diorama mode though, which automatically creates those fake "tilt shift" images where life-sized objects appear as tiny model replicas.
Features like these really make it difficult to decide whether this camera wants to be fun or serious. We really rather think it's both, although most definitely priced for the latter. In terms of features and function, it may effectively bridge the gap between the high-end compact and low-end dSLR. The price, on the other hand, is over double what you would pay for a Nikon D3000.
Part of the higher price is undoubtedly due to the inclusion of the detachable electronic viewfinder. This comes as an option on competing cameras such as the GF1 and Olympus's own budget model, the E-PL1 -- but if you buy an E-P2 you're forced to pay for a viewfinder you simply may not need. To give you an idea of its value, Panasonic charges £189 for the, rather inferior, DMW-LVF1E to fit the GF1.
That said, the E-P2 is so much more than a poor man's dSLR. The image quality is just as good, the large live-view screen is superb and the build-quality is truly excellent. Despite its consumer-friendly fun functions, it's a camera to be taken very seriously.
The range of lenses available to the Micro Four Thirds system is expanding all the time and growing numbers of enthusiasts are using inexpensive adapters to fit esoteric and vintage Leica mount lenses to produce some truly stunning results -- all from a camera that will fit easily into a coat pocket.
It may be expensive, but the Olympus E-P2 offers the best combination of features currently available in a Micro Four Thirds camera. However, if you can live without the additional features, the E-P1 currently delivers considerably better value for money and if you simply must have a built-in flash, go for a Panasonic GF1.
Probably the best Micro Four Thirds camera available at the moment. In-body image stabilisation. Attractive retro looks. Excellent build quality. Detachable electronic viewfinder.
Too expensive and very similar to the less expensive E-P1. Hidden menus. Pancake kit lens not as good as Panasonic offering. Price includes expensive electronic viewfinder which you may not want.
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