I actually have the Olympus Evolt E300, which is the model that came out before the E500. Both are awesome cameras and I would recommend them to anyone looking to get into photography. Like you were told, it is considered to be a pre-pro camera and it works like a charm.

I've had mine for over a year now and as much as I love it I'm actually considering upgrading soon. Before I decide to do that, however- I'm going to be researching quite a bit.