The latest firmware updates for Olympus E-3 ver 1.1 does not really have any major improvement.
I really hope that the new firmware would have the following enhancement:-
1. Solve the banding issue in high iso.
2. Improve C-AF mode to enable more accurate focus especially on the 5fps accuracy
3. Improve the menu system for changing the Kelvin setting for White balance
4. Improve the auto focus system to lock on face instead of any nearer objects.
5. Lesser noise in high iso setting. (doubt it can be done)
7. Enable contrast detection in Live View (is it possible?)
8. Enable face detection in Live View
But then again..i doubt it can be done.. :P