I purchased a NEX5 two weeks ago, but returned it quickly. Didn't like the Ergos. Got a used NEX3 a few days ago. Much better (for me. YMMV)! But I'm comparing it to my EP-1. Very frustrating. I wish there was a clear winner, but there's not! In some situations (actually in most, but not all!) the NEX seems sharper, in others the Oly shows better AWB and color rendition. The Oly pics all tend to be a bit "flatter" than the NEX, but it's quickly adjusted in pp (I'm shooting only RAW). The noise on the Oly is higher at the same ISO reading, but the Oly's metering seems off by 1/2 to a full stop. So, in one place where the Oly went to 1250 ISO and 1/100 second, the Sony shot at 1/50 second, 800 ISO. If I shot the Oly at 1/50, then it could have been at ISO 1/640, and the noise would have been similar. But the Oly ALSO has IBIS, so if I was shooting at, say, 1/30 second, that would really favor the Oly (shooting a Takumar 50mm 1.4 on both bodies). Then, you add in the features and lenses, and it makes it harder. Oly -- IBIS(!), 14-150, 9-18, 20/1.7. Oh, and a hot shoe (of all things!) NEX -- 16mm (a pretty fun lens, and doesn't deserve it's terrible rap, but at $450 for body + 16mm, that's a good deal!), Sweep Pano (VERY fun), and a bit shallower DOF. Side note -- the menus/controls on the NEX are not bad at all. Just took a day of training. I updated to FW 3, so it's nice to have those programmable buttons. Having the shoot mode dial in a menu, is actually a great place for it! It's rare that I switch from say, A mode to P mode. Other makers should do that, and use the dials for other things (EV, ss, Ap, etc.) I find the movie modes of these two cameras very similar, though the Oly offers sw-based IS which can help, and they both have stereo mics, and neither has an EVF, though I do have the OVF for the Oly, which is fun. One cool thing on the NEX3 -- when shooting legacy glass, the off-center mount and the fact that it has a grip actually makes the lenses more natural to hold/operate. I've been trying a Takumar 135mm, and it's much nicer on the NEX over the Oly. But did I mention the 9-18 and 20/1.7 and the 14-150??? Another advantage of the NEX (though a minor one). The mount is so low, that if you set it one a flat surface (say, for a self-portrait when travelling), it actually aims at you. The Oly (if the lens is big) tends to rock forward and want to point at the ground. I want to sell one to rebuy a 5D (I REALLY miss my full frame camera). Maybe I'll keep the Oly, because the Oly travel kit is so small, and is a nice counter-point to the 5D, but I don't see the choice between these two cameras as cut-and-dry as others on other forums have made it out to be. Oh! I forgot -- the MF implementation on the NEX -- SWEEEET! Makes me really irritated with the EP1 now. Maybe I should try an EPL1 (but I don't like the styling of the EPL1). Does the weaker AA filter of the EPL1 do it any justice with legacy lenses over the EP1? I want to start getting into Leica/Voigtlander glass next. Oh man. Decisions, decisions... Can I have these cameras merged into one?