Last week Olympus has announced the update of E-510: E-520, that is in a way a minor upgrade to its predecessor.
Some of the main improvements are: AF with a contrast detection mechanism, Face Detection, a larger LCD (2.7" with 230K pixels and up to 10x zoom especially useful for live view focusing).
Also dynamic range is said to be improved and a couple of advanced features are taken from the bigger brother E-3: shadow retouch (Automatic Gradation) and wireless flash. An interesting addon will be a water-proof case (sold separately) that will allow divers (or just normal photographers fond of the sea) to shoot with E-520 up to 40 meters under the sea level.
The E-520 will be available in June 2008.