This example shows that the Olympus E-M5 can deliver very pleasing black and white images. The Zuiko 75mm f/1.8 ED delivers the contrast needed for compelling black and white images.
One wonders why Olympus does not produce a black and white version of the E-M5. A monochrome sensor would offer 1-2 stops more sensitivity (lower noise) and the form factor would be superb, not to mention 16MP of monochrome would have exceptional resolving power.
With all the marketing noise out there, a monochrome E-M5 seems like a no-brainer to me, in terms of “buzz” and taking thought leadership in a very, very crowded space. Not one of these 2nd-tier vendors seems to have a clue in this regard (300 models from various vendors, all competing with the same shopworn ideas, though the E-M5 does most of those ideas really well). Only Leica with the Leica M Monochrom has taken the lead here, but at $8K without a lens, it is unapproachable for must photographers.
At about $899, the Zuiko 75/1.8 is well worth having for the Micro Four Thirds shooter looking for a compact telephoto lens. It is a very rewarding lens.