Conclusion - Pros

Beautifully-styled and built, with lots of external controls
Excellent JPEG output: warm, saturated colours, but not cartoonish
Reliable metering and white balance
Extremely fast, accurate and near-silent autofocus with MSC lenses (including kit zooms)
Bright, sharp OLED screen works well for composition even in bright light
Useful touchscreen functions (e.g. touch focus) complement rather than replace external controls
Hugely customizable and flexible controls
Dual control dials (although wheel around 4-way controller is small and fiddly)
Built-in image stabilisation works with all lenses (including adapted 'legacy' manual focus ones)
Dual-axis electronic level
Wide range of Art Filter effects encourages creative experimentation
Superb optional electronic viewfinder (now with improved live view feed)
Collapsible 14-42mm 1:3.5-5.6 II kit zoom aids portability
Built-in flash offers wireless control of external units

Conclusion - Cons

Ageing sensor means resolution and high ISO noise performance can't match the competition
Multi-screen Live View interface is beginning to look very dated
No dedicated ISO or WB buttons (but can be assigned to Drive or Flash mode buttons)
No Live View during continuous shooting
OLED screen isn't terribly colour-accurate, and not so great for reviewing images
Touch focus mode could be better-implemented
Touch screen is somewhat buggy (controls unexpectedly lock up while you contact the screen when touch functions aren't available)
Extremely complex menu system (although now prettier and easier to navigate)
Movie mode preview is inaccurate (camera crops-in when you press the record button)