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From the OM system 35mm SLRs and lenses to the XA series rangefinders and the half-frame Pen models, Olympus has for at least half a century been notable for producing cameras that are smaller than their competitors without sacrificing quality or functionality. And they haven't stopped; the E-450 and its predecessors are still the world's smallest digital SLRs, and the new E-620 is considerably smaller than similarly specified competitors (finally realizing the 'smaller format, smaller camera' promise we were all sold on when Four Thirds originally launched).
The apex of this miniaturization was surely the Pen F and its variants - the interchangeable lens versions of the hugely popular Pen series (over 17 million of the various models were sold between 1959 and the mid 80's when half-frame finally died out). A fully-fledged single lens reflex camera that was smaller than most rangefinders (thanks to its half frame film format), the Pen F was innovative, it was stylish and, in 1963 when it was launched, it was universally lauded, and 45 years later enjoys true classic status.
The first Micro Four Thirds camera from Olympus pays unabashed homage to the Pen F; from the classic styling to the long running teaser campaign running in print and online, the E-P1 doesn't just wear its influences on its sleeve; it shouts about them from the rooftops (and is referred to in some parts of the world as the 'Digital Pen'). There's even a subtle engraving on the chrome edge of the top plate that reads 'Olympus Pen Since 1959'.
Not that we're complaining; for years now we've been imploring every manufacturer who would listen to us to build a non-reflex interchangeable lens camera around a large sensor, and the E-P1's styling (and all metal exterior) harks back to the glory days of the mechanical camera in the 60's and 70's, when men were men and cameras were built like swiss watches (a design trend started by Panasonic with cameras like the LC-1 and LX series, if truth be told). Perfect it ain't, but when we first saw the E-P1 we couldn't have been happier, and we just wanted to run off with it and start taking pictures.
The E-P1 is, essentially, an Olympus E-620 (and by extension an E-30 in most respects) crowbarred into a compact, rangefinder-style body. Aside from the changes necessitated by the removal of the mirror and optical viewfinder - and a slight firmware upgrade (for new live view features, improved image processing) it is as fully fledged as any mid-range SLR. This is quite an achievement.
Interestingly Olympus hasn't just popped the sensor from the E-30 into a smaller body; they've been working hard under the hood too, and the 12.3 MP sensor has had a bit of an upgrade to increase resolution and sharpness - plus a few fixes that show they've been listening to reviewers and users (such as adding the option to apply Art Filters to raw files in-camera). The image quality boost been achieved by the use of a lighter low pass filter and a powerful new processor (the TruePic V), which offers better moiré removal and improved high ISO performance - plus of course the ability to capture HD movie clips. Otherwise the key feature list is pretty similar to Olympus's latest DLSR offerings.