The Olympus E-PM2 is one of Olympus' 4th generation (digital) PEN series cameras. It shares the same sensor with the two other 4th generation PEN series cameras; the E-PL5 and OM-D. Not surprisingly, the image quality of each of these 4th generation PEN series cameras is almost identical. The E-PM2 is really small and now includes a small grip making handling a bit easier. The camera body is the same size and weight as a smallish compact. The autofocus speed and high ISO image quality is unmatched by any other camera this small. The Olympus E-PM2 is one of very few cameras that can (auto) focus in total darkness, and it does so effortlessly (The Olympus OM-D, E-PL5 & all Nikon SLRs are really the only other cameras that can do this that I am aware). The Menu system is not great on the E-PM2 and appears suited to those who like the camera to make most of the decisions. The E-PM2 is priced at less than half of the OM-D. As such, it is a real bargain for very similar image quality. Obviously the OM-D has many features and controls not found on the E-PM2 including a very good electronic viewfinder.
I believe each of the PEN series cameras offer a remarkable balance of portability, automated/manual controls and high image quality. It can be confusing though sorting through all the different yet similar cameras which now is in its fourth generation
The first three generation PEN series cameras essentially use the same sensor. Consequently, the image quality is similar especially for the first two generations (E-P1, E-PL1 & E-P2, E-PL2). One of the problems with the first two generation PEN series cameras is the lack of a focus assist infrared beam; auto-focusing is slow (and sometimes non-existent) in dim lighting. Also, the LCDs on the E-P1 & E-PL1 are not great.
The E-PL1 & E-PL2 each have a built in flash; the E-P1 & E-P2 does not (nor does the 3rd generation E-PL3, E-PM1, nor 4th generation E-PL5 or E-PM2). The built in flash on the E-PL1 & E-PL2 have a great (undocumented) feature; the ability to 'bounce' the built in flash for a much nicer flash result similar to an (albeit weak) external flash.
The third generation PENs (E-PL3, E-PM1, E-P3) finally included an infrared focus beam greatly improving auto-focus in dim lighting. The third generation used the same sensor as in previous PENs. However, there was a definite improvement (to the already good) color reproduction including automatic white balance presumably due to an updated .jpg processing engine (the raw files show less improvement). The color reproduction and automatic white balance on these third generation PEN cameras (especially at ISO 1600 and below and when using an external bounce flash) is as good as any camera I have ever used including very expensive DSLRs. Only the E-P3 of this generation has a built in flash but flash bounce capabilities have inexplicably been disabled on this flash.
The fourth (latest) generation (E-PM2, E-PL5, OM-D) uses a new(16mp)sensor providing better resolution and better/faster auto-focusing especially in dim lighting conditions. The real improvement is remarkably clean photos without much loss of detail at higher ISO settings. Although up until ISO 1600 the differences in noise levels are almost imperceptible, above ISO 1600 the E-PM2 (and O-MD) are in a class by themselves even compared to much more expensive cameras. It is truly amazing. Olympus includes incremental ISO settings between stops(ie ISO 2000) on all of their PEN models which is also helpful in not using a higher than needed ISO setting (Are you paying attention CANON & NIKON?).
However, the E-PM2 (and EPL-5 & OM-D) takes a small step backwards from earlier PEN series cameras (especially the 3rd generation E-PM1, E-PL3 & E-P3) when comparing color reproduction and white balance (especially in good light/base ISO settings). Also, The E-PM2 and E-PL5 do not have a built in flash (its not clear why such small cameras would require the use of an external flash).
The included 14-42mm (28-84mm equiv) Kit lens is the same lens bundled with the 2nd and 3rd generation PEN series cameras and is similar (an ounce lighter) to the kit lens included in the first generation PEN series cameras. Other available kit lenses include the 17mm (34mm equiv) pancake prime lens and the 12-50mm (24-100mm equiv) lens included with the flagship O-MD.
The 12-50mm (24-100mm equiv) lens included on the O-MD and available separately is a very versatile lens especially at wide angle. But its image quality is no better than the other kit lenses and it is about the twice the weight. This heavier weight makes the lens unsuitable for the EPM-1 or E-PM2 cameras. The 17mm (34mm equiv) lens is really thin and light and turns any of these cameras (except the OM-D) into a true pocket camera. The f/2.8 aperture is very bright and well suited to the earlier PEN series cameras. Olympus consistently produces very sharp lenses capturing the finest details and each of these lenses are no exception.
Which one to buy? Any of the PEN series cameras will not disappoint. The answer really depends on your needs and budget; If color reproduction and automatic white balance is most important consider the E-P3, E-PL3 or E-PM1. If really quick autofocus, higher resolution and using high ISO settings are important then the E-PM2, E-PL5 or OM-D would be a good choice. If price and a built in bounce flash is important, the E-PL1 or E-PL2.
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