Kaarlin,
At this time you have three three options for macro lenses using any of the Olympus 4/3'rds cameras (I.E. E-1, E-300, E-330, E-400 & E-500).
#1 Olympus 50 mm F-2 macro is a 1:2 lens or 1:1 equivalent in 35 mm terms (36mm x 24 mm film or digital sensor). Angle of view for the 50 mm is 24 degrees, the same as the 100/105 on a 35 mm film/sensor or a 60 mm on a 1.5/1.6 sensor.
#2 Olympus 35 mm macro F 3.5 which is a 1:1 lens or 2:1 (twice life size in 35 mm terms).
# 3 Sigma 105 mm F 2.8 macro which is 1:1 in 35 mm terms or 2:1 when mounted on an Olympus DSLR.
The Olympus 1.4 teleconverter will make the Olympus 50 mm an F 2.8 lens with a 1.4:1 35 mm equivalent. It will also make the Olympus 35 mm an F 4.5 lens at 2.8:1 in 35 mm terms and allow the lens to focus at about the same distance as the Olympus 50 mm macro.
The Olympus 35 mm is around $200.00 making it the lowest in terms of cost to get to twice life size in 35 mm terms. However without the teleconverter the 35 mm focuses so close to the dome port it is not very useful. The 50 mm works great with or without the teleconverter and can be used with an inside or outside diopter, but once again focus distance is reduced.
The Sigma 105 mm extends the working distance but can not be shifted between manual and AF mode while in a housing.
I would also look for Olympus to release at least two new camera bodies and several new lenses at PMA in March 2007, Olympus has planned a 90/100 mm macro for some time now and it may appear during PMA.
The Olympus 14 to 54 mm is also a very useful lens with a 35 mm equivalent of 28 mm to 108 mm and 1:1.1 in 35 mm terms on the long end.
Phil Rudin