Cameta Camera has the refurbished (Factory Demo) Olympus E-PM1 12.3MP Micro Four Thirds Digital SLR Camera + M.Zuiko MSC ED m14-42mm F3.5/5.6 II R Micro 4/3 Zoom Lens (purple) for $240 with free shipping. The refurbished black model is also available for $250 shipped.
12.3MP, 3" 460K LCD, High Speed Live MOS sensor
720p video, 35-area multiple AF, ISO 200-12800, EV 0-20
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the black model is still at Amazon by Cameta for $200 + 10 for shipping.
#1, that one doesn't include the lens. For most, it will be worth the extra $30-40.