The hand held shots I posted above were meant to be a funny poke at the m4/3 shots and the need for IS. Not really to be taken seriously.
My chances of a clean shot hand held at 600mm (780mm equivalent Fov) at 1/8th of a second are nil.
but as to the original question and my own experiences;
1. general terms, is the out of camera jpg better quality than m4/3? (in terms of micro contrast and sharpness) I know ISO is better. provided that lenses are comparible.
*I don't use jpg. Just don't care for pre-cooked files.
2. how much is it still lacking compared to a DSLR with pro lens
*I shot Canon 1ds mark III, 5D Mark II; with all excellent "L" lenses. The Fuji is just as good for my shooting needs as these. I have shot indoor lacross with great success using the 55-200mm, most tracking was more east-west than north-south. (Go Stealth!).
However; the greatest weakness of fuji for me is a lack of long tele lenses. I have shot sports and wildlife using legacy glass and am pretty good a using zone focus and focus traping.
I would love to have an IS 300mm and teleconverters with AF. If I was still shooting football, the Canons would have had to remain in my kit.
3. How much more room does the RAW files have compared to m4/3
*My only experience was some trials with the OMD line of m4/3. The raws had some amount of room for adjustments but i found the tonal transisions very course if pushed too hard. The fuji in Capture One has tons of adjustment available. I use film simulation ICC profiles to get close to the fuji Jpg colours.
4. how does it take Leica M lenses? any issues with focusing, or corner smearing?
I have not used the Leica M but love using my Olympus 35mm shift multi coated lens. Focus is easy with the focus peak function. There is a minor amount of CA in a natural enviroment, have found none in studio. My current favorite portrait lens.
And raist3d; Of course we should feel the need to upgrade, my local camera dealer needs to send his kids to Univercity some how!:thumbup:
Having come from MFD these cams are kind of pocket change by comparison.