Significant redesign
Although it keeps the same flash as the E-P3, the E-P5 gains a more traditional front dial. In addition, Olympus prides itself on the dearth of screws on the body -- just a handful on the bottom plate -- but it means that the screw-on grip of the E-P3 has changed to a shallow fixed grip on the E-P5.
Top controls
The top stays fundamentally the same as the E-P3, but the on/off button is now a switch.
LCD
Rather than a fixed OLED display, the E-P5's uses a tilting capacitive touch screen, similar to but higher-resolution than that of the E-M5. Olympus tweaked the design with side grips for easier pullout.
New EVF
The new optional EVF is bigger and higher resolution than the old model, and Olympus offers it in a bundle with the 17mm lens.
In another more traditional move for the E-P5, Olympus replaced the vertical dial with a thumb grip and added a standard thumb dial on top. The new 2x2 Dial Control allows you to quickly program the dials to toggle between pairs of functions.
Back design
A view of the entire back.
Mode dial
The camera retains the same mode-dial options as the E-P3, as well as the same set of Art Filters as the E-M5.
Three color combos
Not my best photo, but you can see the different offerings. The black has the optional VF-4 EVF on it.
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