Took the Olympus E-1 out today, with the Industar 50/2 (50mm, f/3.5) lens with me today, I chose that lens because it made the camera fit neatly into a smaller bag. I also took another old m42 lens with me, but didn't use it in the end. The light was pleasing, but harsh, and I was expecting better results from the JPEGs, but I guess we've come a long way since 2003!, and shooting both RAW and JPEG has it's advantages!
Some of the things I've done to this image include asjusting the levels / highlights to retain as much detail as possible in the face, without over-exposing any of it. The amount of detail lost in the JPEG is quite shocking - note the lack of freckles! (these are 100% crops from the images) Then when you have the image in Photoshop you can continue to adjust the image, increase sharpness or continue adjusting.
With this, the subject was pretty much a siloeute, so I've adjusted the exposure (around +1.5), and because of this noise has appeared and with the RAW file I'm able to fine tune how much noise reduction is applied. With the image above, because the subject was correctly exposed, I haven't had to perform any noise reduction.
Another cool thing about shooting in RAW, is that you can take advantage of the latest RAW software as it continues to be developed.