Hi christrent. Welcome to the forum and thanks for jumping in here.
From my research, I thought it was actually even lower, at 4.9.
You seem to know your macro stuff very well, and your right, of course about all the shortcuts and deceptions that the Olympic marketing folks have spun into this little compact, and I completely agree with you that this camera is no way as technically close to the quality you can expect from a much larger, and more expensive full system.
But see, for me, and I expect many others, it comes down to adapting to the risks and opportunities and results equation. Much like evolution!
The place I most have a chance to frequent is a trail that’s pretty dense, hilly, and full of wet, slippery rocks, roots, logs and lots of other hikers. And quite often wet or foggy. I have tried lugging in a good camera and better gear but frankly, I found myself most of the time just pulling my camera phone out of my pocket to take advantage of a shooting chance, and to avoid an accident or delay.
I think for me, I have learned to let go of the idea that I am after ‘Photography’ and to work more along the lines of discovery and photo-ID level of imagery. And it’s frequency vs quality to a large extent too.
Sure, I could set up a tripod, a DSLR on a rail, work out a flash setup, plan on great post stack processing, or perhaps a 600 dollar macro lens… or I could if I could afford all that in time, space and money.
But I am after more than pictures. I am after the experience of exploring and discovery. Will I mess up, miss making a great shot and have to settle for mediocrity or even failure? Yep, I’m pretty sure that’s true.
But I plan to have a lot of fun in just doing so without too much work because I am not risking perfection, loss of expensive equipment (the used model I’m looking at tomorrow is going to cost me under 200), or scheduling difficulties. It’s about having some real photo fun with what you can put in and take out of your pocket, rain or shine.
I’m not looking at DxO and other software post tricks as a magic solution to making silk purses—it’s mostly just to give my lower photo quality expectations a bigger sandbox to play in and thus more time to play.
As a Frizzled hair teacher once said, “it’s time to get messy, make mistakes, and have fun!”
(If only I had a magic shrinking bus!)