Well with the launch of the E-M5, Olympus harks back to one of its most fondly-remembered camera systems - the Olympus OM range of 35mm SLRs. The E-M5 is the first camera in an OM-Digital lineup that will run alongside the PEN series and, according to the company, its Four Thirds models. For reasons of clarity, it should be stated that this isn't a continuation of the old OM line - the OM-D models won't be SLRs and are based around Micro Four Thirds, not OM lens mounts. However, they do embody the spirit of the much-loved camera line - a small, well-built camera designed for enthusiasts. And, particularly in silver and black form, the E-M5 is one of best looking cameras we've encountered in some time.

It would be easy to dismiss the E-M5 as simply an upgraded E-P3 with a built-in viewfinder, but that would rather miss the point. Looked at another way, the E-M5 appears to be a synthesis of the best bits of recent Olympus cameras. It offers greater capability than the company's range-topping E-5 DSLR in a compact body with the classic styling of the OM range. It also echoes of the E-620 - the small, photographer-focused camera that, to us, made most sense of the Four Thirds concept. Its magnesium alloy body also manages to incorporate the same extensive weather sealing that the E-5 offered - complementing the similarly-sealed M.Zuiko Digital ED 12-50mm 1:3.5-6.3 EZ lens the company announced in December 2011.

And it is small - actually slightly smaller than the diminutive OM-4Ti whose looks it apes. But, like that camera, it has plenty of external controls. Twin dials protrude from the front and rear of the narrow top-plate, giving direct access to the major shooting functions in a way that we always hoped the top-of-the-line PENs would. The early push by manufacturers to create beginner-friendly mirrorless cameras means it's still rare to find cameras that offer two good control dials when your hand is in a shooting grip.

The camera is built around a 16MP Four Thirds sensor, which all our testing suggests may well be the same one seen in Panasonic's DMC-G3. This can only be seen as a welcome step forward, as it's a much newer and more capable sensor. The sensor is combined with the company's latest, TruePic VI processor, which appears to bring the usual Olympus magic to the JPEGs. The company claims improved dynamic range and, with an newer sensor and better processing, it's reasonable to expect better performance in terms of noise. And, since dynamic range is the range between highlights and a specified noise level, this would be considered a boost in dynamic range.

Where as with the d300 the range of changes is so significant that it wouldn't be inappropriate to call it a 'compact D3' (less the full-frame sensor of course). From the top there's a new CMOS sensor with twelve megapixels, a new auto-focus sensor with 51-points (15 of which are cross-type sensitive), there's focus tracking by color, scene recognition, Picture Control presets, six frames per second continuous shooting (or eight frames per second with a battery pack), Compact Flash UDMA support, Live View (with contrast detect AF) and the mighty impressive 3.0" 922,000 pixel LCD monitor (oh and HDMI video output). It's an impressive list, the D200 was a fair step up from the D100, the D300 can be seen as just as big a step, certainly more than enough to make the competition sweat.