Many thanks for the heads-up, Phil.
I think many of us have suspected that the E-M5 would make an excellent UW camera, and this review confirms that.
Of course, it still does not rival DSLRs in some areas (e.g. continuous AF), which we already know from DPReview's review.
However, it's certainly ready to go toe-to-toe with DSLRs in IQ and high-ISO performance, and in some areas it is actually better than DSLRs (e.g. in-body IS with all lenses
including fisheyes).
I only received my E-M5 some 10 days ago, and so far, my wife's been all over it (we are on a trip to Italy, and she's using the E-M5 as her main camera, while I have my 7D), so I haven't had much chance to play with it yet.
However, I can't wait to taking it underwater eventually -- hopefully the housing will become available soon, and the port issues sorted out by then.