I have both the EM5 and the XT1 and I love each of them. The XT1 is better at controlling ISO where some of my documentary shots have been pretty noisy if I leave the ISO setting on auto. I'm still getting used to using the control on the XT1 but even with the dials, the EM5 allows for faster changes in settings on the fly. I love the picture quality that I'm getting from the 23, 35, 56 lenses and recently purchased the 27 for a slim, easy to carry profile. I use my EM1 as a complete system kit with several MF3 lenses and flashes where the XT1 is my about town camera and a second shooter with the EM1 when I'm doing events or other paid shoots. If the next gen XT1 has a touch screen and a few dial and button improvements (lockable dial options via button press like the EM1 and better feeling directional arrows, it will be a killer.