We suspect that the physical design of the camera - the size and shape of the handgrip, and the positioning, travel and 'feel' of the shutter button - is also a important here: the E-P5 doesn't have much of a grip, and its shutter release travel is relatively short, and noticeably less 'soft' than the E-M5's.
Overall, this means that you can see significant blurring at shutter speeds you might normally consider to be 'safe', which tends to be predominantly vertical in character. The problem with the E-P5 appears to be that its IS system struggles to correct this motion fully.
We did a series of tests to reach this conclusion, summarized quickly here:
Looking at shake patterns with image stabilization turned off, the E-P5 gives visibly higher shake at speeds around 1/160s compared to heavier cameras with larger grips.
The E-P5 is far more prone to shake than the E-M5 shot with the same lens under the same conditions.
Turning on image stabilization tends to remove sideways shake, but can't fully counteract the vertical movement.
Using the camera's touchscreen shutter release significantly reduces shake.
Using a heavier lens of the same focal length reduces shake.
Mounting the camera on a solid tripod, but otherwise changing nothing (i.e. IS on, shooting with the camera's shutter release button) significantly counteracts shake.
From this it seems likely that the camera, while able to correct the continuous, high frequency, low amplitude shake that comes from hand-holding (and crucially that CIPA's standards test), isn't correctly compensating for the initial low frequency, high amplitude motion of the shutter press. Perhaps the most interesting observation is that shake is visibly reduced when using the touchscreen shutter, which gives some sort of workaround for hand-held shooting.
In a way, this isn't entirely the camera's fault - it's not some kind of mechanical malfunction that actively causes blurring. But it is a specific problem that you can often see in images from the E-P5, and which doesn't appear to anywhere near the same extent from other cameras, most notably the E-M5. It's definitely something that we think potential buyers should be aware of and take into account.
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