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I mentioned on last Friday’s post that I thought the E-P5 was Olympus’ take on Fujfilm X100S. — the retro style, the packaged 35mm prime (34mm to be exact) lens and the premium pricing to match. My friend Mike aptly says it’s closer to a Fuji X-E1 because of the interchangeable lenses. Even though the X-E1 does not yet off a 35mm equivalent, he has a good point. Either way, it seems like Olympus created an upscale camera that echoes cameras of a bygone era. The big question is, is it worth the premium price?

I’ve been busy with my, yet unannounced, equipment changes so I really didn’t look into the E-P5, until today. I knew I wasn’t going to get one any time soon. After all, I already bought an E-PM2, late last year and the image quality should be the same. But what if I didn’t get the E-PM2? Would it make sense to buy the E-P5? As I already mentioned, it’s pretty much the camera I wanted last year — it has most the features on my wish list.

First, let’s compare the E-P5 vs. the OM-D E-M5. The two cameras mostly share the same feature set. Sure the body style is different, but they both have the same sensor, same image processor, the roughly the same 5 axis image stabilizer and the same speedy focusing system. You lose the water resistance and the EVF (Electronic View Finder) on the E-P5 but gain WiFi, 1/8000s max shutter speed and a faster 1/320s flash sync speed. The OM-D body is $999, the same price as the E-P5. However, keep in mind that the body-only E-P5 doesn’t come with an EVF. Bought separately, the EVF costs more than $200. So effectively, the E-P5 body is sold at at least a $200 premium.

Second, the E-P5 replaces the E-P3 introduced in 2011. The E-P3 with the standard $100 kit lens ran $899. Subtract out the kit lens and a fictional body-only E-P3 configuration should run $799, again $200 lower than the E-P5 body-only price.

Third, assuming you support my premise that Olympus is competing against the Fuji X100S with the 35mm equivalent lens, consider this. The Fujifilm X100S is priced at $1299. The Olympus E-P5 with the 17mm lens (34mm equivalent) and the EVF is packaged at $1499. Now, despite the retro look of both cameras, they are very different beasts. Direct comparisons are a bit of a stretch, but let me try. On the plus side for Fuji, you get a very good hybrid optical/EVF, arguably better image quality, true analog exposure controls and an attractive well designed body with a seamlessly integrated viewfinder. The E-P5 has the advantage of a world-class in-body image stabilizer and the flexibility of interchangeable lenses. People can quibble of the price but I believe the two cameras should be priced the same. Certainly, I find it hard to justify a $200 premium over the X100S.

My conclusion, the Olympus E-P5 is overpriced by $200. The body only price should be $799 and the kit price should be $1299. Still expensive, but it makes sense based on the competition. So is the camera worth it? Only you can answer that question, however, if I were in the market for an Olympus, I wouldn’t pay $999 for the body or $1499 for the kit. So despite my fondness for Olympus micro 4/3, I can’t recommend the E-P5 at the current price.

I also predict that the prices will fall fairly quickly. Olympus will inevitably have a $200 rebate or just reduce the price. No guarantees of course, but that’s been Olympus’ pattern over the last couple of years. What do you think? Is the E-P5 worth it to you?

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