I don't know anything about the Oly colors other than what I've read, and they seem to match a setting I'm using on my GH1 (I use the RAW exclusively, but I like to have my in-camera JPEGs emulate what would be the final product as much as I can, hence my profile).
I guess it all depends on what "Oly colors" really are. I am a long time Oly user of the E-1 and E-3 (E-510 as well in the past). On my E-3, my favorite jpg (I don't shoot RAW with Oly except in rare circumstances) is to use the "Natural" setting as is 90% of the time and rarely anything else. On my GF-1, I use the "Smooth" setting and reduce the NR down to -2. I've been pleased with this for indoors and people pictures. Outdoors, I like the "Nature" setting with + 1 saturation and -2 NR. Other than that, I really think a lot of this comes down to how the Oly implements WB vs. Panny. I find that custom WB nets better results than auto - especially indoors.