Generally, third party RAW converters, including Adobe products, do not know
about Olympus-specific in-camera settings other than White-Balance.
The toning defaults for ACR may not be similar to the defaults in the
Olympus camera or software.
You can set different toning defaults in ACR if you want using the Alt key
in the Develop module and clicking on the Set Defaults button.
If you buy a new camera expect to update your software to support it. At
least update LR to 2.4 when that is released.
The converted images are not the same as the jpg images or the RAW images as converted by the Olympus Master software.
Well, doh...since Camera Raw is using it's own processing parameters and algorithms, the odds of ACR "matching" the camera makers software is not real high. At some point when ACR 5.4 is finally released Adobe may have some additional DNG Profiles for the camera that may make color a closer match but the tone curve will prolly always needs tweaks. It would behoove you to either create presets that you can apply in Bridge or alter your ACR "Defaults".
I would also like to rgister my high dissatisfaction with the short life of the Adobe software due to the new RAW converters not working with older Photoshop or Lightroom software versions.
It's been Adobe's policy to only support currently shipping products. As such, customers who upgraded to Ps CS4 can expect about 18 months of free support and Camera Raw updates. Fact is that while you WERE a current customer when you bought CS3 and you got 6 free ACR updates (ACR 4.6 was the last version for CS3), you are no longer a current customer.
You may not like the DNG Converter step, but that's what you have if you wish to use your new camera with your old software...your other alternative is, of course to simply use the software that came with your camera.
My older Olympus E-500 RAW ORF files were converted very well by the Lightroom 1.1 converter. The camera settings are in the exif info and should be readable by the converter software.
Adobe's choice to "support" software for only a short time is purely a marketing decision by them to make more money. I'm sure the new converters could easily be make compatible with older PS or Lightroom versions if they wanted to. There should be no technical reasons they cannot do this. If Microsoft supported their products for only 12 or 18 months there would be a huge outcry from everyone.