E-PM1 vs. E-5
Okay, this isn't a lab test, but a real world usage comparison. I bought my wife an E-PM1 2 lens kit before our trip to Alaska. She used it in program mode most of the trip with a quick exposure compensation tutorial from me. We were both shooting when this humpback whale waved his flipper at the boat from 300 yards or so. She had the kit tele zoom at full 150mm. I had the E-5 with the 50-200 and EC-20. I thought it was at full tele, but I must have been mistaken since the EXIF shows 100mm. Either way I was pretty impressed with the results from the E-PM1. I think most people would be more than happy with the results she got with $600 worth of gear compared to my ~$2500.
Both are cropped to about the same size and sharpened the same after resizing to 800x600.