I decided to do some tests to see just what the high ISO results from the camera / lens combination was like. The E-P3 goes into previously unchartered territory for Olympus, ISO 12,800. I shot some objects around the house in pretty murky light and compared the camera jpgs with a Rawker (dcraw) conversion, which gives the closest indication I can get of the original file. I also did two conversions with the supplied software - Olympus Viewer 2 - one with the noise filter off and one with the noise filter on high.
Here are four comparison files. Click through to flickr and they are full-size, which means they are HUGE.
Be warned - the ISO 12,800 samples are not for the squeamish!!!
ISO 4000
ISO 5000
ISO 8000
ISO 12800
To be honest they are not as bad as I feared, though I can't really think of much use for the ISO 12,800 setting. It does seem to me that the E-P3 is an improvement on other Olympus cameras however, and they look about the same as the Panasonic GH2 is capable of. I'll do a test against the E-PL1 in a few days, but in the meantime have a look for yourself and see what you think.