Alex Majoli used the Oly 5050, 5060 and 8080 and won some of PJ's biggest awards. He hasn't used a DSLR in 3 years.
You can see his images athere:
and read the interview here
Of course this has nothing to do with u/w... but then again with the right eye and timing, good images are possible with merely decent equipment. Talent supercedes equipment most times.