I've got both the E-P3 and the E-M5. I'd opt for the E.M5 for image quality but also just for ease of use. The dual dials on top are a much better arrangement than the E-P3's control layout, I find the tilt screen more useful than I expected, the viewfinder has some optional display modes and you can get a grid plus either the histogram or highlights and shadow display at the same time. Straight out of the box, the grip on the E-M5 is better than the E-P3 either without its grip or with the supplied standard small add on grip. The bigger grip you can buy for the E-P3 feels a little better to me than the E-M5 just out of the box but I find the E-M5 just out of the box quite comfortable and I'm not currently racing to buy the accessory grip when I thought I would be.

Ergonomically the E-M5 is simply a better camera to use in a number of ways and that makes shooting feel more comfortable and natural to me. Hard to pass over that when it's coupled with better image quality.

Yeah, except that it costs basically twice as much!

I mean, it's tough to argue that a BMW 540 is not a much more pleasant and comfortable car to drive than a Honda Accord, but the Honda will still get you to all the same places that the BMW will and it costs half as much.

No one here is arguing that the E-P3 is better than the E-M5, but both cameras are capable of delivering very fine images.

__________________
Sarcasm is my default tone, so please consider that before taking offense to the preceding message.

Criticism (no matter how harsh) is welcomed of ANY and ALL images I post.

Take an option off before buying either car and you could buy a full m43 system with the savings (or a Leica system with the Beemer)

If you need to save money, just buy new glass and use it on the E-PL1. I probably wouldn't buy a new E-P3 at regular MAP at this point. It probably will be replaced soon. If you want a new camera, get the E-M5 and don't look back.

__________________
My Blog

Amazon E-P3 with 14-42 $799. E-M5 with 14-42 $1099. Doesn't look like twice as much to me. In fact the features look cheap compared to the difference and the image quality of the E-M5 let's me drive to places the E-P3 can't take me.

Just my opinion.

__________________
Olympus OM-D E-M5, Olympus 12-50mm, Olympus 45mm, Olympus FL-300R

How is that? If you factor in the cost of a VF-2 (not the less capable VF-3), price difference starts shrinking. E.g. at Amazon.co.uk, the E-P3 + VF2 is ~770 pounds, EM-5 being 999.

If you consider the "bonuses" (5-way IBIS, higher resolution, on the fly image settings, much better high ISO performance, much better DR, weather sealing, tilting screen, need I go on?) then the question becomes how CAN'T you pick the EM-5.

At this point I believe the E-P3 is a logical choice only if you absolutely don't need/use the EVF or as a second hand/refurbished option at lower price. In which case there is also the newer Panasonic GX1 to consider anyway. There are also sentimental/taste reasons for chosing a camera (Olympus only, or an affinity for the Pens' design) but that's NOT a logical choice.

__________________
http://500px.com/Eyes_Unclouded_Photography
http://eyesunclouded-photography.blogspot.gr/
http://www.facebook.com/eyesunclouded

I'm comparing bottom $ prices for both. I can get a refurb E-P3/14-42 kit for $579 v. $1099 for a E-M5/14-42 kit. I realize that's not exactly apples-to-apples to some, but that's close enough to half price for me.

As I said, I'm not arguing the E-M5 is not superior, but it just bugs me when people completely dismiss the price difference.

__________________
Sarcasm is my default tone, so please consider that before taking offense to the preceding message.

Criticism (no matter how harsh) is welcomed of ANY and ALL images I post.

What we are trying to tell you is that price difference has meaning if you're comparing things under similar conditions.

Comparing a refurbished E-P3 (without an additional EVF, to boot) with a brand new E-M3 hardly meets the above.

Just to clarify, I have a "refurbished" (probably shop demo, virtually brand new) E-PL2 and I think it still is a bargain at the price. As is a similar E-P3 no doubt! The EM-5 is currently offered only new, and in limited supply at that. So all my comments concern a brand new example of each camera, at current big store prices.

__________________
http://500px.com/Eyes_Unclouded_Photography
http://eyesunclouded-photography.blogspot.gr/
http://www.facebook.com/eyesunclouded

I'm not sure how you've decided that one cannot compare the E-P3 to the E-M5 unless one also factors in the purchase of the EVF. Some don't need or don't want an EVF.

For the most part, one can make images that are just as "good" with the E-P3 as one can with the E-M5 (with the caveat that the E-M5's improved IBIS and low-light performance do allow the photographer to work in certain conditions which would be very difficult with the E-P3).

Yes, I realize (and have admitted as much above) that my "half the price" comparison is not 100% correct. However, to me, a refurb with a warranty is just as good as new, so practically, that is how I feel the values break down.

__________________
Sarcasm is my default tone, so please consider that before taking offense to the preceding message.

Criticism (no matter how harsh) is welcomed of ANY and ALL images I post.

Please read my original post above. I already made that distinction concerning the EVF.

One can make good images with a wide variety of gear. Nobody said the Pen line isn't a capable system. OTOH cost effectiveness isn't always an objective thing. And if one has an absolute upper limit to what one can spend, then discussion becomes irrelevant.

Most answers in this thread assumed that the OP was asking about same/similar price investment.

__________________
http://500px.com/Eyes_Unclouded_Photography
http://eyesunclouded-photography.blogspot.gr/
http://www.facebook.com/eyesunclouded

I don't know how this topic became so contentious, but I think our positions are actually a lot closer than they might appear.

The way I read the OP's question is which of these options should I choose:

1. E-P3 plus Olympus 45mm f/1.8
2. E-M5

The cost of these two options is roughly equivalent. Seeing as how we've learned that he already has the add-on EVF for use on the E-P3, I think that the purchase of the E-P3 and the O45 would be the best investment.

My reasons for saying this are several:

1. Good lenses have a larger impact on image quality and are likely to retain their value.
2. The E-M5 is in high demand right now (read: high $) and therefore I feel that the E-P3 represents a better value (particularly if you pick it up as a refurb or used, as I would be inclined to do).
3. He expressed an appreciation of the PEN form factor.

That's just my opinion.

__________________
Sarcasm is my default tone, so please consider that before taking offense to the preceding message.

Criticism (no matter how harsh) is welcomed of ANY and ALL images I post.