1. I'm fairly familiar with photoshop and ACR, but definitely not an expert. I'm also very familiar with the Olympus RAW files since the E-5 (I've owned the E-5, E-M5 and several Pens); I now recently purchased the E-M1 and I've been having problems getting decent images out of the RAW files (compared to the prior Olympus RAW files).
2. Problem: it just "feels" that the overall tone curve is more abrupt, especially in the highlights. With the prior Olympus RAW files, the transition from moving the exposure slider to the right and then getting blown out highlights was more gradual; there just seems to be an overt decrease in "headroom" when dealing with highlights in the E-M1 RAW files. I know this makes no sense in that the dynamic range is supposed to be greater with this camera compared to the prior ones.
3. Problem: In relation to the above issue, it also seems that the highlight slider is not as specific as it used to be in that when I move it to the left, more of the histogram seems to be affected as opposed to the bright / highlight region. It now seems to basically counteract any adjustments made to the exposure. Again, this may be my imagination but it just feels this way.
4. Problem: In relation to the above issue, the other strange observation I've had is that although the histogram of the image shows no clipping, the image may have very bright areas with almost imperceptible detail; when I click on it and view that data point within curves, it shows it to be well below 255. In my lame flower shot example (it's not a good example but I couldn't find anything else right now), I would have guessed that in the brighest petal area, that it would be something like 250, but it's only 220. But when I zoom in, there's really no texure or detail or data.
5. The above issue in re: highlight rendering and control may or may not be related but it's the first time, I've been having issues and I've never had such problems with either ACR or prior Olympus cameras and thus I'm wondering if this is some issue with how ACR interprets the E-M1 file. I did do some comparison with Capture One 7 and that does a definitely better job of highlight recovery in that it seems to more preferentially target just the highlights and definitely does a better job with color rendition. I have Olympus Viewer 3, but it's so slow and lame, that I haven't done much testing with it. Any thoughts and advice much much appreciated.