Jeremy, since Tim has his 720, I will reply to your question. Several fellow workers have the 300 and a couple have the E1, so apart from my tests I have seen many pictures from these two and the 500 as well. They are definitely underrated compared to the equivalent Canons and Nikons. We sell all of the other digital SLR brands ,including Pentax and Sigma, and the fact that more staff members use Olympus than the other brands says something. This is not including the guys that do professional work and use full frame Canons or high end Nikons.
For most shots, if you cannot get a decent result with the Olympus DSLR, don't blame the camera...
As usual, my advice here is : if it feels right, it will be right.