Dynamic range
The dynamic range of the E-P2 is on a par with that of the Olympus E-P1, which has a range of around 11.5EV.This allows a good selection of tones to be reproduced by the camera. Saving images as raw files provides the most information to be recovered from highlight and shadows.
I found that the shadow areas were quite dense, suggesting a fairly smooth curve in the shadow areas. These dark areas can be brightened when shooting raw, though noise did become marginally more visible.