The Pekka Potka blog has a quick stills test of the E-M5's IBIS running firmware 1.0 (still called pre-production).

In case you didn't catch it yet, link to the English version below:
pekkapotka - Journal - Olympus E-M5: 5-axis image*stabilization

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Kyle / E-M5 and E-PM2
Flickr Photostream

Very unique approach to testing the Stabilization.

I have high hopes for the IS in the OM-D. This will be such a godsend for walk around work at night. I very much look forward to getting this in my hands.

This video shows an optimistic example of the IS in use. (At about 0:40sec, the example of the watch when IS is engaged is VERY impressive in my opinion).

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Olympus OM-D E-M5 (Olympus 17mm f/1.8, Olympus 14-42mm f/3.5-5.6)
Minolta x370n 35mm (Minolta MD 50mm f/2.8 | Minolta MD 135mm f/2.8 | Sigma 35-70 f/2.8) ‹‹ Now used as legacy glass
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Very promising results. E-M5 with any of the Micro 4/3 fast primes looks like a great combo.