The corrections for micro 4/3 files are already built into the files so you don't need to have additional profiles. If you open a RAW file in LR 3.3 and then a different RAW converter that doesn't recognize the profiles the resulting file will look very different.
Terry,
I convert Olymps RAW files to DNG and then process in Lightrom 3.3 and Photoshop CS2.
For all my Olympus 4/3 lenses I can convert to DNG and then work in either LR or PSCS2.
I also have two M4/3 lenses 17mm and 14-42. The RAW (DNG) files from these cannot be opened in CS2 which cannot interpret the lens corrections which, as you say, are built into the RAW file.
These files can be opened and processed in LR3.3, but the Olympus corrections are not "complete". For quality work these lenses need further correction for barrel distortion and CA. These further corrections can be applied in LR3, and it is for these corrections that proper profiles are really needed.
Another good way of making the corrections is by the PTLens plug-in in CS2 (I go there by converting to TIFF).
It seems at great pity that having decided to apply lens corrections in RAW Oly does a half-done job so that further corrections are required.
PeterJ