Here they are, the Olympus Twins. Without lenses and detachable viewfinders (and the shiny new black finish, of course) the new E-P2 would be hard to tell apart from it´s brother, the E-P1.

EP-2 has some refinements over EP-1 but the biggest new thing is it´s electronic viewfinder VF-2. E-P2 has a slightly higher hot shoe and a new accessory connector behind it. VF-2 is simply slid into hot shoe and new connector. Push the VF selector switch under the eyepiece and you have a whole new way to look at the world with a PEN.
I had a pre production EP-2 (firmware 0.9) for a few days and was able to try it and VF-2 in practise. My E-P1 has seen quite a lot of use since late June. Sadly the new EVF is not compatible with E-P1. As a body E-P2 is operated exactly in same fashion as it´s predecessor. So, It felt like a brother should and took just a couple of minutes to configure menus and map buttons to suit my way of shooting. The only change I made later was to map Fn button for depth-of-field check. This feature is just one of the benefits of EVF over E-P1´s plain brightline optical VF.
Viewfinder VF-2
People at Olympus did not confirm this but obviously VF-2 has Epson´s new TFT panel. Anyway, it has 1.44 megapixels, it´s big and it´s bright. I compared VF-2 to Canon´s EOS 5D MkII and Nikon D3x. Not fair of course, but this new EVF really has a big image. With my glasses I can see the whole image and it´s, well, big. In bright daylight it is no match to these full format 35mm viewfinders. They are smooth, continuous tone, true color; VF-2 on the other hand is still artificial, has paler colors and shows it´s pixel nature in comparison. But when you come to a dimly lit or even an average room the relation changes. VF-2 is brighter and nicer. And when you go somewhere really dark you can´t actually see anything through these fancy optical viewfinders - and 5D MkII stops focusing at all. VF-2 on the other hand turns quite grainy but I can still compose, and the E-P2 focuses at a press of a button just fine.
I had used Lumix 20mm/1.7 lens plus optical VF-1 combination for so long that it was kind of a shock to shoot the first shot through VF-2. It went black for a second... Well, that´s because of a mechanical shutter. When you shoot in continuos mode there is no blackout between shots. After half a day I actually kind of forgot about EVF, it was so nice to work with because you can evaluate very quickly exposure and DOF when you get used to it. It´s a keeper for me.
But isn´t it kind of a funny looking gadget on EP-2! If E-P1 with VF-1 has actually a stylish retro look, then this is what - huh, commie retro style? I can´t help comparing it to a DDR-era Pentacon Six and it´s Soviet Kiev 6 or 60 descendants or what about a brand new (still being made in Ukraine) Arax/Kiev 88 with TTL prism! Oh brothers, Olympus!

The considerable height of VF-2 comes from several issues: add-on construction, articulated construction where eyepiece can be tilted up stepless up to 90 degrees, big screen, high quality no-distortion eyepiece with diopter correction, and finally the hot shoe of E-P2 is higher because of the needed extra connector. Actually the height from base plate to eyepiece is practically the same as with EOS 5D MkII. In practise I did not feel that VF-2 compromised E-P2´s compactness in any way. Which was emphasised by the fact that I had to keep the camera´s identity and design un-noticed all the time. Olympus did here the right thing and did not make a small but crappy EVF like Panasonic for GF-1. What I was missing was some kind of locking for VF-2 to secure it better, now it is possible knock it off the hot shoe.
VF-2 shows of course all the same information as camera´s back LCD. With E-P2 there´s a lot to choose with new finer grids, level indicators, live histograms, exposure information etc - or just a clean, unobstructed view. VF-2 can be also used for play back and you can switch between VF-2 and LCD at any time. VF-2 is simply the best electronic viewfinder for still cameras I have ever seen.
Other new features
The new connector behind hot shoe can also be used for other accessories, like stereo microphone adapter (EMA-1) and stereo microphone (ME-51S). This adapter slids also into hot shoe - but only one accessory fits in at a time, same goeswith external flash. This has not bothered me so far but I can understand those who disagree.
AF-follow lock is better than with E-P1 according to specs but I did not notice any great difference. At least it´s still not in the league of EOS 5D MkII which is kind of low level for usability for me.
HD-video is still 720p but now also manual controls work. There are two new art filters: Diorama and Cross Process. Diorama makes people and buildings toylike by blurring up and down and Cross Process gives you fancy color effects. I´m not thrilled, although I actually have used E-P1´s ART 6 for a jerky video project. Last and least there is some more image automatics (i-Enhance) and play back control option via HDMI.
One accessory I would really like to see is an extension cord between body and VF-2. It would give many new possibilities for remote control.
All in all, for me E-P2 is the very same camera as E-P1, just a connector for VF-2. Otherwise same hardware with mentioned accessory and software updates. I´m lucky Olympus brought E-P1 like it did because I have had fun and shot so much with it. Too bad Epson product development was half a year late for E-P1. Speaking of product development, I feel that Olympus and Panasonic are fighting too much against each other and not together for micro 4/3 system. One more stupid decision is that EVF connectors for Olympus and Panasonic are different!
Availability and price
E-P2 is still being readied for full scale production. Although this pre production sample felt already well finished and I didn´t find any problems with EVF operation, which is the new part of package. EP-2 with VF-2 will be available during January 2010. Olympus is still struggling with E-P1 back orders which they can´t make fast enough. Lets see how they manage then with E-P2. Price for body with VF-2 is given at 899 euros, which is not bad and in reality shops will sell under that anyway.
New Lenses 2010
I wished Olympus would introduce fast wide angle and tele primes. In reality those are marginal wishes and Olympus is introducing two consumer series zoom lenses. They are 9-18mm/4.0-5.6 and 14-150mm/4.0-5.6, really compact zooms with ED glass, and available during the first part of 2010. With EP-2´s good stabilizer they are more usable than numbers say, but still...
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Image quality that can be brought out when working with E-P2 (or similarly E-P1) RAW files is outright outstanding when compared to it´s 12MP image size, small physical size and carry around ability. Even so when conditions are far from optimal. The image above is shot hand held with Lumix 20mm/1,7 lens @ 1/40s, f/2.0 and ISO 1000. Doesn´t that tell how dim it was! Images on this page are tweaked my style and don´t represent camera´s quality as such. I´m a photographer not a copy machine... ;-) This crop is 100%. I did not produce any comparison pair but feel free to compare with your rainy night ISO 1000, f2.0 shots.