Im trying to get my first DSLR, and I wanted to ask which is a better choice, the Nikon D50 or the Olympus evolt 300?

I am going through the same kind of thing. After using Minolta, and building a system, they're out (although the Sony compatibility, yada yada...).

Anyway, IMO you should probably go with Nikon since more lenses of different quality, and budgets are available, lenses/accessories are easier to find. Last, and most important, they seem to be doing well, and hopefully will stay in business.

The Olympus system has some really cool unique features - just like Konica Minolta... Personally, I'd stick with Canon or Nikon.

Yep. Stick with Canon or Nikon.
If you choose Nikon, it may be better to go D70 instead of D50. (Also, D70 is 99% identical to D70S after the firmware upgrade. So you don't have to go with D70S and that will save you some money.)

Canon makes good cameras and lenses but somehow I felt that Canon's lenses are kind of high priced compare to Nikon.
Due to it's high price on lenses and some error problems on EOS DSLR, I choose to go with Nikon and I'm a happy camper with following lenses: 50mm f.1.8 (portrait/low light shot) $100, 18-200mm VR (all in one solution and good picture quality) $679, and 80-200mm ED f2.8 (pro lens and awesome quality) $340.

I think i'm going to buy a Nikon D50.