I avoided reading Alex's excellent review on the Olympus until after I had a chance to shoot my GX1 UW and a chance to hold and shoot the Olympus.
I also haven't spent much time reading reviews on the Olympus. It seems to me that there is almost too much of a fanboy frenzy on the Olympus. The GX1 seems as equally as good a camera.
IQ 800 ISO and under (where I shoot), no real difference. AF, by my brief shooting of the Olympus compared to the GX1, the GX1 has better AF. If it does or not is in material, as the GX1 focuses great underwater. I didn't notice any different from my Nikon D300s.
The Olympus is water sealed and supports a better video format.
The EVF is a hugh, I repeat hugh advantage of the GX1 over the Olympus. The optional viewfinder for the GX1 is set high where it is very usable. Also it hinges up and down, a tremendous feature. The Olympus EVF by comparison is squeezed on top of the camera. If you have used the GX1 you would say it is much easier to use. I can't imagine how you would see through that thing in a housing and through a mask.
The only way it would be of value would be by adding an expensive add on view finder. Here is a link to the one that Nauticam made for the NEX7
Add on viewfinderThe LCD on my Nauticam was very easy to use and frame photos. If it becomes a problem is very bright and shallow water then use one of these (79$)
It covers the LCD almost perfectly. I just need to get some velcro that will attach to the housing. Hopefully future housings will incorporate a shade on the top part. I have seen many inexpensive housing with this feature.
The GX1 will flash synch down to 1/20 a second and up to 1/160th a second.