It's such a handy size and so much easier to take out and about with me than my Sony A200 or my Olympus E500.
And I really like the back screen, so much quicker to frame a good picture rather than squinting through a viewfinder as my eyes are a little less than perfect these days.
The presets are really handy too. Portraits, landscapes, high and low light, sunsets, macro though what I really like in the E-P1 are the art settings. There's pinhole, grainy film, pop art, soft focus, pale and light, light tone you can get some really cool effects without having to photoshop.
The pinhole effect using the Olympus Pen E-P1
A sunrise using the sunset setting on the Olympus Pen E-P1
(More sunrises and sunsets here)
If you're considering a compact camera I highly recommend looking at the Olympus Pen E-P1.
The Olympus Pen E-P1