It's more like bokeh at 60mm f/1.5, then cropped--that's basically what the sensor is doing. Though this format was of course designed for half frame--about the same area as the 4/3 sensor.
I agree the bokeh is distinctive--that's much of what I like about the lens. handling is great, too. And by about f/4 this lens is very sharp--I feel as though the Pen lenses were overdesigned, back in the day.