I am also waiting for DxO Labs to update DxO Optics Pro to complete this comparison which should be arriving any day now (usually they are ahead of Adobe, but looks like they were beaten to the punch for a change). Regardless, it is more important to point out the differences of using the right processor to get the most out of your RAW images out of your camera.
The PEN is not a spectacular high ISO camera, but it doesn't mean it still can't do it. I did this processing comparison with ISO 2500 images as it's the highest ISO setting you can choose before they pushed in the ISO expansion modes. The images are not meant to demonstrate how well the Pen handles high ISO, but to show the differences with JPG, Olympus software and Adobe Camera RAW.
Definitely see the differences of in camera JPG and the Olympus provided raw processor. The colour moire noise is still very present (you can really spot it in the gray card where traces of yellow and green are showing up).
|Olympus Viewer 2 Processed ORF file.|
|In Camera JPG. Colour is more accurate with the JPG file for some reason.|
|Adobe Camera Raw 6.5 processed image. Better colour control, more details and noise control.|