Hi Erik.....I'll chime in.
I have the OMD and it is a great camera. You're right - it is still expensive.
Regarding the E-PL5 - I recently purchased this as a 2nd camera after selling my E-P3.
I haven't had much of a chance to use it yet, so I really can't give an accurate review. However, I have no complaints so far - IQ is great, it's fast, it includes a tilting LCD which is great.
You might want to read the (33) reviews on the B&H website
http://www.bhphotovideo.com/c/produc...al_Camera.html
The great user reviews I've read above (and on Amazon) helped me to decide on the E-PL5.
Just a note on the IBIS. The OMD and newer E-P5 include the new 5 axis IBIS which is the best out there. However, there is absolutely no problem with the IBIS on the E-PL5. It is just not the newest to come down the pike. I only mention this because some reviewers post this as a negative. The IBIS works just fine - besides the OMD and EP5 costs almost twice as much!
I hope this helps.
Let us know what you decide.
Liz