Why only three stars?
One should take into consideration that the viewfinder with approximately 300 Euro costs almost as much as an entire camera and then look at what you get for it.
I use the viewfinder at the E-PL5. In this combination, the eye sensor is not functioning, as well as in virtually all compatible cameras, in addition to the E-P5. To use the viewfinder ever a firmware update of the camera to be removed. And here I do not understand why Olympus has the eye sensor function is not equal with integrated in this update. Should really only the display scroll across the sensor, rather than be the button. So in spite update and several compatible cameras only the users of the e-P5 to enjoy the eye sensor. All others pay for one of the most useful features of the viewfinder, but have none of it.
Through the viewfinder, you can also look at the pictures taken and the camera menu. Unfortunately, the camera memorizes the last setting (whether or viewfinder display was activated) only for the Photo mode. When viewing or camera menu always is first turned on the display. Least this could have been programmed with, or just equal to the eye sensor functionality.
Next drawback is unfortunately ... the image quality. The ad copy promises a lot, but especially color reproduction and contrast are just average. There is a great difference between display and viewfinder. Colors are represented with too little saturation and "too cool". The contrast, especially the black level, is just on the edge of what is tolerable. An image design for dark or very high-contrast subjects using the viewfinder is often difficult. For this I turn then mostly back to the display back. Here can be used for the viewfinder image parameters not configure. The corresponding menu item is inactive.
Thus, the VF-4 is indeed a very useful extension of the E-PL5, but for the price you wanted, the "abgesprecke" functionality (on cameras other than the E-P5) and the image quality mediocre. Unfortunately, there is no better alternative.