The Panoramic mode works so well that I may have to end up selling the Lomo Horizon Perfekt! Also, I can't wait to see the panoramic shots in 3D.
I returned the Oly E-PL1 because I wanted a small camera that would do better at high ISOs. Granted, Nex5 with the kit zoom lens isn't that small but it feels so much better not to have to carry around a Canon 5D with 24-70/2.8L all day long.
Despite having seen many negative reviews about this camera (especially the UI and the lackluster kit lens), I have to say, NEX5 has been one of the most enjoyable cameras I have used in a while.
I prefer it over my EP-2, E-PL1, GF1, M8, and GRD3. I love the panoramic mode. It works so well, I may have no need for my Horizon camera.
The more I play around with the settings, the more I get used to the UI. I am able to change my setting very quickly, now. I don't mind the UI--yes, I would have preferred the dials to be on the camera, but the way it's set up now works quite fine (for me).
One complaint I have about this camera is overblown highlights. I have to compensate the exposure (which takes 2 presses).
I don't like the "Image Data Converter" software that came with the camera. It's very simple to use, but it doesn't allow me to adjust blown out highlights (RECOVERY). I'm currently using CS4 and Adobe RAW converter does not suppor this camera as of now (July 5 2010).
At low (100-800) ISOs, E-PL1 renders JPEGS better than NEX5; E-PL1's JPEGs are sharper. BUT, the E-PL1 really does quite poorly at high ISOs.
I'm quite pleased with NEX5's performance at 1600ISO. The noise I get is no worse than from the Canon T2i.
Basically, NEX5 is a camera good enough for any situation. It's not yet a replacement for APS-C size DSLRs simply becuase SONY has yet to introduce better lenses/optics than Canon or Nikon.
Nex5's kit lens is ok. But, I'm looking forward to seeing more E-mount lenses, especially primes, from SONY.