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I think that going forward this camera is a much better choice than your original E-500 selection. As you add quality lenses you'll be able to build the system over a period of time which I think you would enjoy much more than the E-500 system.
Phil Rudin
Actually it is not cheaper. Considering the cost of the housing you will probably end up paying the same money. E-pl2 pt-ep03 housing can be now found with a discount so if I wanted cheap I would go for that one. If you cant find a deal on pt-ep03 than go for e-pm1 with $600 pt-ep06 housing.cheap....that's why . plus, it will be a good upgrade for my daughter when i move on.