Really? Sensors are sensors? I find it hard to believe the improvements in image quality achieved by newer cameras is primarily due to firmware.
Yes, and I know it's considered heresy in many corners, but after following sensor design for quite a few years there's very little that has actually changed. The biggest change has been noise and color work at the analog level before the A/D converter, at least as far as I'm aware. I'm not even sure how that ended up being utilized, my impression was that it was a big buzz in around 04, but failed pretty dramatically. There has been a lot of work over the years in filtration type and color, and there's some stuff in the works with an entirely new RGB filtration that I believe Kodak is working on, but the bottom line is it's a device that collects the RGB and luminance data and then depends on the firmware to process color and noise.
The developments in the last few years that I'm seeing are about working with smaller pixels and processing them for better noise and color control. There haven't been any big changes in the basic chip design, correct me if I'm wrong. I'm always slightly amused by the claims that a certain chip gives you a certain look- like, oh, that's a Kodak chip, that's what they do... I've seen files from many different sensors for about a decade now - well, virtually every pro-level sensor actually - and never been able to characterize a sensor's "look". The sensor ain't like film, in that respect. I have, however, seen some remarkable improvements in file quality from a sensor with a firmware change.
So anyway, that aside, and from another angle, Olympus has never seemed to consider ISO performance a serious priority, and
my disappointment in the EP1 was essentially around that issue. I'd be really surprised if their response to market demand is addressing that, so, no, I don't really expect there's going to be much of an improvement... but it would be really sweet if they snuck a little FW upgrade into the thing for both the focus speed and the noise. I can dream...
Oh, as far as a side-by-side goes, yep, you can bet on it, and it'll be me!