I can confirm this. The updater is a little vague about the USB setting, but on the E-PL1 when you plug it in via USB it automatically starts, and the choice you want is "storage." It took nearly ten minutes, but half of that was downloading. If you have a very fast internet connection it could be quicker.It worked for me, though at first I wasn't clear that I had to chose "storage" on the camera to get it to do its thing...so it took me two tries to get it to work, but then all worked out fine. I just connected it via the cord to my MacBook Pro and everything worked out fine.
Please let us know what happens, rmazzi. I'll keep my fingers crossed for you!