Here is a quick hands-on report on the new Olympus PEN-F camera ($1,199) from a reader:
Pros
Ergonomic design (IMHO de-facto m43 Pen standard); for first-time m43 users, can be easily get addicted to this one
Typical OMD camera operation and functionality in a Pen body, customizable buttons and dials
Solid build (despite made in Viet), no noticeable screws
Excellent side articulating screen design (preferred over conventional tilt up/down design), first on a Pen model
Trusted Oly menu GUI and display, true live histogram (visible during EV shift)
Easy-to-access art filter effects options, durable art filter front dial design
Good design faux-leather (rubber?) wraparound allows for excellent slip-less grip even without dedicated grip add-ons (body has flat right grip by default)
Pleasant EVF design, bright by default and good in magnification
Feels camera-like, unlike the competition (eg. Pana)
Reasonably fast AF
Cons
Too much customization that may confuse the average Pen user; must have extensive OMD operation knowledge needed to effectively operate the Pen-F
No image processing improvements, still 12-bit A/D and TruePic VII (not sure why Oly is so insistent on the former)
Non-weatherproof design despite in pro-body form; exemplified by weak battery door without gasket or whatsoever
Inconvenient card insert position due to close proximity to battery door hinge
Easy over-dependence/exploitation of art filter functions; raw capture necessary to retain original color data/gamut
Annoying EVF/rear display flickering under artificial light
Grossly overpriced
Lens bundle: no normal-focal length 25mm F1.8 included, only wide 12mm F2.0 or 17mm F1.8 offered depending on region
Too many dials; mechanical EV dial could be deleted and substituted by twin dial design augmented with frontal 2x2 flip switch design
Programmable mechanical EV dial can be confusing (IMO only electronic dials should be programmable)
No integrated flash (due to EVF integration)
Confusing video controls; frame rate selections controlled by "Video out" setting (NTSC/PAL); no mic-in/headphone jack, thus inability to integrate with Oly's own PCM recorders for better audio capture on video
Conclusion:
Would pass the Pen-F for an E-M5-II (if not the E-M1) without hesitation
Pen-F's design sets precedence to how future E-Px/E-PLx models could be improved, such as implementation of side articulating screen, compulsory twin control dial design, new processing engine, in-camera flash etc.