Because the number four and any of its multiples are considered a BAD OMEN in Japan ( even knifes, forks and bowls are never ever sold in packages of four). there are no E-P4.
This is the "new" E-P5, you can have it in black, silver or white. This is the white version.
Look familiar? It's basic shape is like the first generation PEN, the E-P1; which is 4 years old.
Mind you, the E-P5 is a good looking camera, front on; it remind you of the classical PEN F, the half-frame 35 mm single-lens reflex (SLR) cameras with interchangeable lenses produced by Olympus of Japan between 1963-1970.
an incredible porro prism viewfinder and the PEN wannabe, the new E-P5 have none!
Do you want eye level view? The black E-P5 with the 2.4M dot, VF-4 electronic viewfinder. Like all external EVF, it increase the camera's height; not to mention it stick out like a sore thumb!
Side by side with the OM-D E-M5 (and the tiny flash), the E-P5 (with finder) is as tall; defeating the PEN concept of compactness!!
Without the tiny flash, the OM-D E-M5 is actually slightly more compact than the EVF totting E-P5!
E-P5 fan boy point out that the versatile VF-4 EVF can tilt at different position for better viewing!
The E-P5 in many ways is like a slightly different E-P3 body with the innards of an OM-D E-M5, plus a few extra features like Wi-Fi; focus peaking and a 1/8,000 top shutter speed.
Like thousands of OM-D E-M5 owners would I buy an E-P5?
Mind you, the E-P5 seems to be a great camera, but I really cannot find a good logical reason why anyone would...
a) Choose E-P5 instead of E-M5 when both basically has the same innards. When the OM-D is weather sealed, with built in EVF and able to attach a marvellous battery grip for better handling.
b) Owner of E-M5 looking to buy the E-P5 as a compact backup body. For that purpose, the E-PL5 is much cheaper; it makes no sense to invest as much as a new E-M5 just for backing up your OM-D!
No doubt the built in Wi-Fi , 1/8000 shutter speed and the ability to focus peak are great features, but not enough to pick this camera above the other choices, I would rather wait for the replacement of my OM-D!