Okay, this is not really a nice picture, but i just wanted to show how much DR headroom there is in the E-P1′s RAW files, and what you can get out of them with Lightroom. First the JPEG as it came out of the camera, and then the processed RAW.

Olympus E-P1 + Cosmicar/Pentax 25/1.4 @ f/4, 1/125 sec, ISO 200

Same as above, but developed from RAW to extend DR

Of course this doesn’t come anywhere close to a real HDR image carefully processed in Photomatix, but it looks way better than the ooc JPEG and shows how much (unused) potential there is in RAW files.