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This camera is NOT a true SLR camera, as Olympus implies in the camera's description. In fact, many web sites list it under their Point-and-Shoot models. Nevertheless, this camera is an excellent compromise between big, expensive SLR cameras and smaller, easy to use Point-and-Shoot cameras.

The camera does have true SLR features not found on lesser Point-and-Shoot models. The view-finder is TTL (through-the-lens), so you can get an accurate preview of your photograph. The pop-up, bi-directional, color-correcting flash unit does a great job lighting your photos without the harsh shadows inherent in most small flash units. The flash also does a fairly good job reducing red-eye, but does NOT eliminate the problem. Using the "Red-Eye Reduction" flash mode helps significantly, but causes the flash to pre-fire for a couple of seconds before the shutter releases, so while it's highly effective with posed portrait photography, it's totally impractical for spontaneous photographs.

One of the most unique features of this camera is the 52mm threaded lens, which allows you to use all of the various filters available for SLR lenses. In fact, I HIGHLY recommend immediately purchasing a 52mm UV filter, which can be attached to front of the lens permanently to protect the lens itself. The UV filter also significantly improves photos taken outdoors. (Note: I also recommend shelling out a few extra dollars to buy a multi-coated UV filter instead of the cheap uncoated filters. The anti-reflective coating on a Hoya or Heliopan filter allows over 40% more light through to the lens compared to uncoated filters).

If you already own an SLR and have invested in larger filters, you can purchase a 52mm-58mm step-up ring for less than $15. The step-up ring is very thin, and is barely noticeable (although you can't use Olympus's fancy flip-up lens cover with the step-up ring). This option alone makes the Olympus IS-5 a great back-up camera for SLR owners.

The primary reason I contend that this camera is not a true SLR is simply because it doesn't offer the same flexibility as a Canon or Nikon SLR camera body. For example, you can't use interchangeable lenses with the Olympus IS-5, so you're stuck with the 28-140mm focal length. Furthermore, and perhaps more significantly, the camera doesn't have a "hotshoe", so you can't add a separate flash unit (like a Canon SpeedLite) or a multi-flash set-up to extend the range of your flash capability or increase your options when it comes to lighting.

In summary, the Olympus IS-5 is an excellent camera with a very high-quality lens, and would be a great choice for the vast majority of people who simply want an easy-to-use camera for everyday photos but don't want to settle for the lesser optics and flash units found on more compact Point-and-Shoot cameras. It is also a great back-up camera for more serious photographers who may already own an SLR and lens filters.

Although I've only had this camera for 6 weeks, I LOVE it! It's easy to use and the picture quality is quite good.
I purchased this camera after two months of research into all makes and models. I chose this one mainly for the extra zoom and date imprinting feature. I'm still learning to utilize all the features, but I'm VERY happy with it so far.