I have got my hands on this camera today only, so writing about the features I have gone through.
1. Picture quality is good, not great though, since this is an old sensor camera(12 mp). New sensors in MFTs are coming which are higher resolution and in spite of that provide much better low light capabilities (Panasonic G3 for example). However in good light, this should be good enough.
2. I needed a small camera, serves the purpose. I already have a Canon 600D, so I can use that if I need so...

I had always shyed away from MFT's as they were pricey comparatively, but snatched this deal as it was too tempting. The camera is suited more towards the crowd shifting from a point and shoot. The user interface is very beginner friendly and the image quality is quite excellent. Having been used to an DSLR, the lack of complete control becomes quite apparent, but nevertheless, it works damn well as my secondary camera. Haven't yet used a lot of in-built functions like filters but I've heard...

Product:
Awesome product from OLYMPUS; the PEN Lite E-Pl3 is a bomb-shell of a camera.
Blazing fast Auto Focus(AF).
Kit Lens is not the best available but will sufice for normal needs.
3X Zoom is good but not great.
Image Stabilization is good but cant handle heavy shakes(Its obvious) [Tripod suggested].
Menus are a bit complicated. but can be mastered in about a weak's time.
If you know your manual settings like the back of your palm, the MANUAL mode will be great but limiting.
Image Qual...

I bought this as an experiment into DSLR photography, as I was not sure how much this would be better / convenient than a point-n-shoot that I have (Canon 100IS)

First off, the photo quality is only as good as my point-n-shoot. This seems to be mostly because of the limited-quality kit lens. The kit lens is especially poor at high focal length setting.

However, for budding photographers this is a good camera to experiment with. When you are ready for the next level, you can purchase a good ...

This camera is perfect for street capture and candids. It is beautifully finished and a pleasure to carry around. The handling needs a bit of getting used to and noise is an issue over ISO 400. If you are a serious photographer and looking for a small camera on a budget, this is the deal to pick up. And do yourself a favour - buy a prime lens for it. The kit lens is garbage.
Flipkart delivery and service is class leading in India - so everything was as expected.