First of all, know that you will need a firmware update to use this with any of the PEN E-PL cameras. That's not a big deal, but you should know about it because it is otherwise a bit alarming when you gaze eagerly into your brand new viewfinder and it's black ... no view to find. Just call customer service (the number is on the insert that comes with the viewfinder) and they will walk you through the process. They are very nice and very helpful.
Unfortunately, that doesn't change the quality of the viewfinder. The VF-3 cost about $100 less than the VF-2. I haven't used the VF-2, but it's gotten raves so I have to assume that it's pretty darn good. This isn't. The colors are seriously washed out and the view itself is coarse and quite grainy. The walls in my office here are Peptol Bismol pink, but look grey through the viewfinder. While that might be an aesthetic improvement, it is not something that makes you feel good about spending $180 on a viewfinder.
When I asked the customer service guy, with whom I was still on the phone, if this was the way it was supposed to look, he explained that this is the economy model and Olympus cut a few corners. They sure did.
This is a "better than nothing" viewfinder. If you simply have to have one, this beats having no viewfinder but not by much. It IS a viewfinder, and you can take a peek at the LCD and get a truer image, but it is a big disappointment. I will use it. Maybe I'll get used to it, but $180 is NOT cheap in my world. Colors should be true, regardless of price. They aren't even close and that's not making me feel good right now. Neither is the coarseness of the image, which makes it very hard to tell if you are in focus or not. Better trust AF if you're using this one!
Perhaps I should mention that it's very cute and comes in a nice velveteen pouch. I don't really think that makes up for the lack of quality, but they didn't skimp on external design ... just functionality!
Summing up, if you want a viewfinder and you are on a tight budget, this IS a viewfinder and it IS cheaper and it does work, sort of. But it's not a very good viewfinder and it isn't going to make you smile. And you aren't going to recommend it to your friends unless you know they can't afford the better one. Frankly, I don't think that Olympus should be putting out products that are not of a certain quality. It does nothing for their reputation. This is not going to improve their place in the camera community.