Noise
Noise reduction, ISO 400
You can imagine how disappointing it was to see this point-and-shoot-quality JPEG noise reduction at ISO 400, especially given that it was shot with the expensive new 12mm lens.
(1/100 sec, f3.5, ESP metering, AWB, ISO 400, standard NR, 12mm lens)
Noise reduction compared, ISO 800
Here you can see how aggressive the noise suppression is at the camera's default (standard) setting. The low setting displays more grain, but it retains far more detail. I suspect that shooting raw and processing with better noise-reduction software will gain you at least a stop of latitude of grain.
(1/30 sec, f2.0, center-weighted metering, AWB, ISO 800, 12mm lens)
ISO 800, no noise reduction
(1/30 sec, f2.0, center-weighted metering, AWB, ISO 800, 12mm lens)
Flash
(1/60 sec, f3.5, center-weighted metering, AWB, ISO 200, 14-42mm II lens at 14mm)
Sharpness, 14-42mm lens
(1/160 sec, f7.1, +0.3 exposure, spot metering, AWB, ISO 200, standard NR, 14-42mm lens at 30mm)