First of all I would like to say that it is nice to see this amount of participation in the Wetpixel forum in regard to Olympus.
I agree with some that much to much emphasis is being placed on the term 4/3rds and not on the system itself. Olympus never really entered the Auto focus 35mm SLR film market and therefore had no "legacy" lenses to support as Canon, Nikon and others did. As a result Olympus was able to start with a blank page and built an entirely new interchangeable lens digital SLR system without having to support many past products. If you want, Olympus does sell an adapter which will allow the use of Olympus 35mm manual film lenses.
I don't know what advertising James has been reading but Olympus has never said that they are the "only" innovative DSLR company, only that they have built the Olympus E-systems from the "ground up". A statement which I would find hard to argue with. Regarding James statement on innovation I guess he has forgotten about the "supersonic wave filter" which eliminates dust each time the camera is turned on. This item must be of interest to at least some digital photographers because others including Canon are now introducing their own versions of a dust cleaning system. Olympus has in fact succeeded in building the smallest and lightest DSLR, the 10 MP E-400, which by the way has an Olympus housing, the PT-E03 which will be as small as a lot of digicam housings.
Olympus also has the largest selection of made for digital lenses which is the heart of the Olympus system. Olympus E-system lenses are getting rave reviews from testers in many areas of the world. You would be kidding yourself if you believe that you can slap any old film lens onto a digital camera (even a 35 mm chip camera) and get the same results as if you had designed a lens specifically for that sensor. Don't get me wrong, many film lenses (particularly those with a narrow angle of view) work very well with digital cameras. However Canon and Nikon would have had no need to design new digitally specific lenses for the 1.5 and 1.6 sensors if all their film lenses had worked as well with digital as they did with film. Further if just having a 35mm sized sensor was the solution to all problems digital Nikon and everyone else would have had one by now and the price would have come down on these sensors.
Also James, Olympus didn't invent the 4/3 sensor, Kodak did. Unlike Canon, Olympus don't make their own sensors.
Back to the original 4/3 question, it is clear that many don't understand that 4/3 format has been around for years. The medium format 645 cameras have all but replaced the square 2 1/4 X 2 1/4 in the print world. Even the venerable Hasselblad has built a 645 camera and AF lens set for both film and digital, "from the ground up" without having to argue their logic for doing so.
645 and 4/3 are the same thing, four units on one side and three on the other. 645 is 1.5 cm x 4=6 cm and 1.5 cm x 3=4.5 cm. Olympus is 4.5 mm x 4= 18 mm and 4.5 x 3=13.5 mm. This 4/3 or 645 format has been a good thing in the print world because most magazines are closer to the 4/3 or 645 format than to the 3/2 or 35 mm format. In most cases this means less cropping with 4/3 than with 3/2.
It is clear that Canon and Nikon make outstanding products and that users of these products, myself included have been vary happy with the results over the years. The Olympus E-system products will also produce outstanding images as well and the 7 to 14 mm zoom, 11 to 22 mm zoom, 14 to 54 mm zoom, 50 mm macro, 35 mm macro, Sigma 100 macro and 8 mm Fisheye are well suited to U/W photography.
Olympus has a smaller sensor and therefore more noise problems above ISO 400, we all know that. AF speeds are also a bit slower, but have improved greatly going forward. If it was up to me I would be asking Olympus to build a camera with better image quality at ISO 50 and 25 where I would use it most, not at 800 and 1600.
Olympus entered the interchangeable lens DSLR market in November of 2003 and lost millions of YEN in the imaging division through 2005 due to R & D costs. At that time Olympus was selling no interchangeable AF lenses or AF-SLR film cameras or DSLR (interchageabel lens) cameras. As of 2006 Olympus imaging division is showing profits in the millions of Yen and selling millions of E-system cameras and lenses.
Olympus won't be for everyone and they have never said they intend to surpass Cankon only that they intend to produce a quality product at a fare price. I am sure that Companies like Sigma, Panasonic, Leica and others would not have signed on if they didn't think 4/3rds had an outstanding chance for success.
If everyones reluctance to include Olympus as a player is a fear that the system may fold remember that the most successful underwater system of all times, NIKONOS has folded but no one doughts the quality of the images produced by the Nikonos system.
Phil Rudin