I just received details from multiple sources about Olympus' upcoming Pen announcements at the end of the month (three cameras, a new lens). Let's get the good part out of the way first: the 12mm f/2 (24mm full frame equivalent) looks good. Real good. A much welcome lens many of us m4/3 users have been asking for since Day One. Not quite a pancake, but still reasonably small (46mm filter threads to give you an idea).
The cameras, on the other hand, I think are going to underwhelm. I won't go into detail about them, as the feature sets will come out soon enough, but I'm scratching my head over what Olympus was thinking. The Mini isn't really smaller than the Lite, and the Lite isn't lighter than the Mini or even the current E-PL2. Talk about some naming confusion. At least Olympus is moving away from the confusing letter/number combos (though they're still present: E-PM1, E-PL3).
The real problem I have is that Olympus hasn't moved the Pen very far with all this iteration (these are the fifth, six, and seventh models, after all). There's really not anything that would compel me to move from the Pen I started using in August 2009 to one of the models that will probably now have to last Olympus through all of 2012. Same basic sensor, same basic features, modest internal and control refinements, some very modest option in model design. Given the original development time, that means they'll be executing on the same basic core for at least five years. Nikon is turning over consumer DSLRs with significant changes on 24 month boundaries. These new Pens feel a lot like General Motors at its worst: slap some new sets of sheet metal on the same chassis, change the color and interior options, and call it a new model. Meanwhile, Olympus is back to offering the remaining stock of the E-PL1 for US$399, a price at which I believe it's a real photographic bargain: basically a near-DSLR camera at compact camera price.
Thing is, I really want to like what Olympus is doing. After all, I've been doing a lot of photography with a m4/3 body for two years now and basically enjoying it. Plus the XZ-1 is one of the best compacts on the market right now and has found a way into my pocket. But Olympus just isn't iterating fast enough or with enough clarity to make meaningful progress towards reclaiming their previous strong lock on the "small, quality, innovative" camera market. I'm rooting for you, Oly, but you're still falling behind the other horses and are not going to Win, Place, or Show with this later round of Pens.