Amazing review. I just got my OM-D E-M5 with 12-50 kit lens today. I love this camera and lens, and the combination of the camera and my Lumix 20mm f1.7 is awesomeeeee. I'm yet to see the banding issue, but I just got the camera today, and I haven't tried many high ISO shots yet.
Anyway, I tried pixel peeping, and jpeg files appear oversharpened, especially in the soft areas. That makes the picture appear to have luminance noise, even at ISO 200. The grains are rough. The grains produced by my GF1 are finer. But then again, I shoot raw with the GF1, while at the moment, I can only shoot jpeg with the OM-D (yet to download the Lightroom 4.1). Is this normal, or is my camera defective?