I wrote almost a year ago about Olympus’s decision to launch the Micro Four Thirds (MFT) line of cameras. Like many current normal Four Thirds users, I was worried that the Four Thirds line would be discontinued in favour of the smaller system.

It seemed that my feelings were unfounded as Olympus went on to refresh their 4-series with the Oly E-450, the E-30 and the well received E-620. Following the lukewarm reception of Panasonics GH-1 camera, the first to use the Micro Four Thirds technology, I was starting to relax MFT didn’t seem to be going anywhere.

But this week, Olympus have announced the EP-1, the first Oly MFT camera, along with what appears to be at least 2 MFT lenses, a pancake and a 14-42mm walkabout zoom. It looks very, very good and is clearly inspired by the Pen series of half-frame analogue cameras.

Effectively it’s an E-30 in a much smaller form with all sorts of bells and whistles (First Oly D-SLR to have video and the brand new Truepic V processor) that essentially make the EP-1 far superior to anything in the standard four thirds line up. As result, I’m feeling a strange combination of excitement and fear, excitement that people will take the EP-1 seriously and Olympus’s presence in the camera market will be seriously enhanced by the camera, but also fear that Olympus have clearly invested in this camera at a higher or at least an equivalent level to the standard 4 thirds line. It means that the features from MFT will ‘trickle down’ to the Four Thirds users…for some reason I don’t like that at all.

I’m also confused at the cameras position in the market, is it an enhanced compact for a newbie who wants to take the step to an SLR? Surely the price would be prohibitive? (around £700 with a kit lens.) Or is meant to act as a pros backup system? I’ve heard of a number of pros who carry a Cannon G9/10 everywhere with them, a lightweight compact that can take RAW for situations when a massive full frame camera might not be the most effective way of getting the shot. But surely a pro wouldn’t take the natty EP-1 seriously? I wish I knew.

Either way, as my knowledge of photography slowly grows, and my shots get gradually better, I want my next SLR to be around the D300, E3 level of functionality, as an enthusiastic amateur, I want a bigger camera with more power, more processing grunt and more features. I don’t need (or could possibly justify the cost of) a full frame monster but at the same time, I don’t personally want to go any lighter than my current E510. I want to spend £1000 on lenses, not on a new camera body, but…

I’m wondering once again if I should heavily invest in the Four Thirds System. I love my trusty E-510, it’s taken me on a spectacular journey and has made me look at the world differently, but the lure of Nikon is so attractive. The D300 is now in the sub-£1000 price point on ebay, which makes it ludicrously attractive and the sheer range of lenses available makes me wonder and wonder.

The thing to remember is that even with this announcement is that my E-510 still works! I can go out anytime and take wonderful shots. There’s no rush for me to spend anything and I can take as long as I want to make my mind up. Any input into my dilemma always appreciated.