Olympus released the E-P1 last summer for a price of $799.99 to pretty rave reviews (via Engadget). I’m not sure what happened recently, but the price recently dropped to $599.99 on Amazon. Costco is offering an extra $100 off, so the price is down to $499.99. It’s a pretty amazing price drop considering the camera is still less than a year old. The price of the E-P1’s little brother, the E-PL1, also dropped from $599.99 to $539.99 on Amazon, which doesn’t make much sense given the E-P1’s price. It will be interesting to see if the E-PL1, as well as Panasonic’s GF1, drops further in price.