Small, stylish, reliable, efficient, inexpensive.

Time to adapt my opinion:
Meanwhile, much has happened in the market of compact, I've had a lot of new compact cameras in their hands: Sony RX100 II and III, Canon EOS-M and R7X, Lumix LX7, LX100 and GM5, Nikon P340 ... Some older have I sold and replaced by the successor model (Sony RX100 II, LX5, Nikon P300 ...), MANHE I sold, because there was no accessory (Canon EOS-M), some I use no longer because the battery too weak and expensive are (Canon G7x) etc. But I can not separate myself from the good and so I've always more or less half a dozen of them.

The Olympus SH-1 but keeps up a good fight, like the Sony RX100 and the Nikon P340. This 3 cameras are known for their size Top and deliver not only considerable quality, they are also so simple that even can use unsuspecting them without hesitation.
There is of course even better compact cameras like the Sony RX100 III, the Lumix LX100 etc., but they cost around 800 euros and sooo much better the results are not, unless you want more manual controls, electronic viewfinder, finer stops or special characteristics, for example in low-light area, which go beyond normal needs.
In the image quality of pictures and videos, the difference is not reflected in relation to the price difference.

The Olympus SH-1 is inexpensive, compact, zuverläsig, uncomplicated and efficient. Noteworthy is not only the image quality but also the stabilization system of the top class with 5 axes, so does in my 5x expensive EM1 service. This not only camera shake are virtually impossible, you can expose much longer and make more usable images even under fairly ummöglichen conditions in low light.

I have high-performance systems with full format, 36MP, huge, fast lenses from Zeiss, Zuiko, Fujinon, Sigma, Leica, Nikon, etc. and actually everything is currently good and expensive, so GH3, GH4, GX7, FZ1000, RX100 III, RX10, A6000, A7R, D7100, X-Pro1, X-T1, OMD E-M1, E-M10, K-30 ... and I can for the price of 300 Euro knap recommend with good conscience this Olympus SH-1 really hesitation ! For the money you just get a mediocre lens and here a complete solution that can already afford a lot, definitely more than the small sensor, it can be expected.
The camera is perfect for beginners, but also for ambitious, who want to have a complete solution for always there as a backup or secondary camera.

Those who want even more, such as weatherproof, full-metal-jacket, interchangeable lenses, but above all due to aperture, super ISO behavior and well-stabilized Bodies, must on sensors of 1-inch class, MFT or APS-C with Zeiss - recourse or Leica or Canon optics and about twice and at Sony and Lumix about three times spend at Canon. As an equivalent alternative I know the Nikon P340, which is also a thoroughly successful camera for little money.
It has therefore to almost 1 year nichs changed on my positive opinion.

------------------------
REVIEW

The camera is more than 1 month in use, and it's time to draw conclusions.
That's one of the best take-along camera for every situation with the Nikon Coolpix P340, the Lumix LX7 and certainly a few others that I do not know, however. I find that remarkable, because in this class alone Amazon is a 3-digit number of compact cameras.

In automatic and scene mode is to make almost impossible poor pictures, unless you do choose operator errors such as incorrect scene or camera shake. And even then, the 5-axis stabilization creates miracles!
In manual mode, although there are huge cracks in the aperture setting, but the Maximum Aperture (smallest number) always gives a good exposure.
In addition, the camera is not only fast, it also has an absolutely outstanding 5-axis stabilization system, which is usually found only in top-class as the OMD-EM1.
The equipment is also comprehensive, the operation foolproof.

One can certainly some criticize such as the OE gross iris adjustment in manual control, the small battery or that the SH1 has no viewfinder, but we are talking about a very effective device for a wide audience and not a semi-professional camera of thousands of euros class as the Sony RX100 MII or Lumix GX7.
Nevertheless makes the little thing with the small sensor and 16 megapixel images that a camera / lens combination will cost very close to well above 1,000 euros, and I have some of whether Sony Alpha, Fuji X, Nikon D7100 or Lumix GH. Especially in the middle and upper zoom range, the SH-1 can be seen, acceptable light conditions provided even the 24x zoom is thanks to the quality stabilization useful.

Videos in the interior without artificial lighting in midsummer until 21:30 are sharp, bright and brilliant, and the sound is clear and natural.

At close range, distortion and edge blur require some effort if you want to depict objects clean, but in the price range is what provides the SH-1 for more than decent, I think!

If you tap the silver top with your fingernail, that sounds a bit after Pastik, but it's all really processed very clean. The camera is technically and esthätisch very harmonious, so not only looks classy, ​​it also works beautifully!

Conclusion:
The SH-1 weighs 273 gr, fits into any normal trouser or jacket pocket and makes in almost any situation quickly and safely detailed and brilliant images and beautiful videos.
What more could you want, especially for the money?
5 stars!