Olympus Recommendation

Remember that the viewfinder for the EP5 is an add on and sticks up significantly on the top, kind of taking away the "rangefinder" look of that camera.

The EM10 or EM5 while more SLR looking, have integrated viewfinders and honestly are pretty good and don't add too much more height to the camera. Either of the EM's will benefit from an added grip with a larger lens, there are aftermarket grips for the EP5 as well.

If you were not using the viewfinder a lot, the EP5 is a great choice, however, if the viewfinder is your thing, having it integrated will be less hassle.

 

Give the Panasonic Lumix GX7 a good thorough consideration. Built in EVF, mine seems pretty good, will take your current lenses, kind of has the rangefinder form factor, and has some of the video functionality and quality of the GH3.

It is rapidly gaining a rep as the near perfect travel camera. I have an OMD E-M5, GH3's, and a GH4. The GX7 is the most "carried around" camera I have.

 

I had an E-P5 and decided to sell it due to the lack of an in-built EVF.

In your position, I'd go with the E-M10. IMHO, it's probably Oly's best all-round u43 camera at the moment. It's beautifully built, has great feel and handling and delivers on the IQ front. The EVF is the same resolution and quality as the E-M5 and that's a pretty good recommendation. It's not as good as the VF-4 or E-M1, but it's more than acceptable. I wouldn't let that get in the way of going with the E-M10 (and I have an E-M1 and E-M5 at present).

My only reservation with the E-M10 is the size imbalance between it and the 12-40. I'd recommend that you take a look at the Panasonic 12-35 as an alternative. Its IQ is on a par with the 12-40 but it's somewhat smaller.

 

I love my E-P3 but I plan to upgrade to the E-M because I miss my viewfinder! I say get one with the integrated VF although a bit more $$$ Its worth it, just my .02

 

Particularly with a 12-40 attached to the camera.
I'm (reluctantly) prepared to do that with the E-P5 and a small prime when I'm too lazy to attach the VF-4 but there's no way I'd try to hold my E-M5 with the 12-40 at arms' length. (Maybe I need to visit the gym more often. )

 

There's another thread on here somewhere right now discussing alternatives to the 12-40/2.8. Assuming $900 for that lens, you could consider the four-thirds 14-54 mark ii which goes from less than $200 used to $550 new. That'd give you an extra $350-700 to put toward the camera while also giving you some extra reach on the lens. If you went for the E-M1, you could get the 14-54 mark i version of that lens which is readily available on eBay for $120ish, giving you $780 toward the E-M1. If you're married to the 12-40 then this isn't an option; however, to my mind with the 14-54 (i or ii) you get a superior and more versatile lens along with enough money to upgrade to the best camera.

 

GX7 sure seems to make sense given desire for RF body with VF. Some good deals on it lately as well.

 

I read a lot of reviews online, went to the shop with the plan to buy a GX7 - then left with the E-M10. It just felt much better to me.

 

For better, for sure... the EM1 is a great camera. I am also a big fan of the 12-40 which has become my all purpose everyday lens. Plus, the combo is weather proof. I have been selling off my prime lenses due to lack of use since getting the Pro zoom.

Sent from my SM-T320 using Tapatalk

 

Another vote for the GX7.
I have both ep5 and gx7 and except for the ep5 black magic ibis and less confusing menus the gx7 is the clear winner. Yes the gx7 viewfinder seems puny when coming from the vf4, but your eyes adjusts and the convenience of having a viewfinder always available, just beats the the ugly lump by a mile.
If video is at all important to you choose the gx7 and if not the em10 is also very interesting, though I'd still choose the gx7 for:
- electronic shutter (read no shuttershock) and silent operation
- 1/8000.
- small and light
- nfc
- better autofocus (in my experience)

 

That may be true, but the integrated viewfinders are less functional. Specifically, with the external EVF, I can tilt it up 90 degrees and shoot from the waist, as with a TLR. For me, this adds a lot to the usability.

The second advantage is that the EVF can be upgraded when new models come out, which I did not so long ago, with the model 4.

Thirdly, one EVF does for several cameras, which actually cuts down on total mass and bulk if you travel with a dual camera rig... as I do for any pro work.

Besides all this, the PEN range simply work better in my hands than the rather fiddly and ill-positioned controls on the OMD cameras I have tried. (I have not tried the E-M1 since it is out of my budget range and is too big.)

For me, the E-P5 has the best combination of functionality and usability.

 

The E-P5 also has no shutter shock, especially with current firmware -- though I never had a problem beforehand. It also has 1/8000 shutter. And it is lighter than the GX7. Other reviewers did not find the AF advantages. This likely depends on your lenses more than anything. So you need to remove those factors from your advantages list. I have no real experience with the GX7, but I can aggregate reviews. A fairer comparison might look like this...

Panasonic GX7 advantages:
* video is 1080p60 versus 1080p30 (and better bit rate, I presume)
* silent shutter mode (though no-one hears my E-P5)
* built in EVF (convenience factor)

Olympus E-P5 advantages:
* slightly smaller and lighter (but only if excluding EVF)
* external EVF (flexibility)
* better quality EVF (most important)
* better build
* better look (by far, IMO... but other shooters may not care)
* better ergonomics: dial position (make or break for me - main reason I don't like OMD)
* better ergonomics: 1/2 switch (brilliant idea once I got used to it)
* higher degree of control customisation (though still not everything I would like)
* auto ISO in manual mode (functionality missing on the GX7)
* magical IBIS!
* IBIS works for video (not so on GX7... crazy!)
* IBIS works for all lenses (not so on GX7)
* in-camera file conversion and processing (I got a newspaper front page because of this!)

Both are obviously highly capable cameras. It should be obvious which I prefer. I welcome additions/corrections.

 

I bought the E-P5 about one year ago and I can say it is a little jewel, Olympus solved the shutter shock issue with a firmware upgrade and with the VF-4 it is a very versatile camera
if you can you should try the E-M10 and the E-P5 for a weekend (or also the GX7 as well if you like) and decide by yourself

 

great decision, especially with the upcoming software update. the EVF should be even better now!
If you're basically looking for a body to mount the 12-40PRO onto, the EM1 would be the best choice with the grip size.

if I'm planning to carry my EM5+12-40 I usually always use the landscape grip too. You will love the ergonomics with the EM1.

If you were dead set on a RF, then GX7+Panasonic 12-35/f2.8 would be my recommendation. Or you could wait for the upcoming Panasonic LX100 which will be everything you're looking for in one package.
http://www.43rumors.com/ft5-panasonic-lx100-has-16mp-multiaspect-sensor-and-is-smaller-than-the-g1x/