Judging by photozone.de reviews with MTF numbers, the OM-D seems to deliver detail resolution on par with the larger frame size Canon APS-C bodies, but NOT up to par with Canon FF bodies. Olympus and Canon APS-C about 2500 line-pairs-per-frame-height, Canon FF about 3500...more detail (there's that 60% size factor once again, although in resolution a measured 40% advantage!), lower enlargement to make the same size print.
Having said that (as someone who had abandoned the 135 film for professional uses, due largely to film grain enlarged more with smaller formats -- using both medium format and large format cameras for jobs and only falling back on 135 when I needed absolutely fastest lenses of low light work), -- I find APS-C generally great enough in overall quality that I reserve my FF dSLR only for higher quality large print applications and for shooting with an 24mm OM shift WA lens.
IOW, I find that APS-C SLR quality is darned fine stuff and there isn't much to complain about, so the OM-D meeting that standard would make it darned fine stuff, too. That addresses IQ.
I have long loved the Olympus OM film camera system for its compact and light weight bodies and lenses, owning OM stuff since the mid-70's. Three issues for me, though, personally speaking...the EVF, the lesser ability to easily isolate the subject from the background, and the fact that there are few fast fixed aperture 4/3 zooms, most are variable aperture and relatively slow. That might be acceptable for snapshooting, but not for more serious work. I have an S95, which is fine for snapshots with an easily pocketable camera...the OM-D and lenses are large enough to no longer be pocketable, so I might as well hang my Canon APS-C from a bag on my shoulder! If Olympus made APS-C body and lens system, not 4/3 and micro 4/3, I would probably jump on it, as I have long lamented the large bodies of my Canon gear over the OM size bodies...
