In many ways, the Olympus Evolt E-500 is very similar to the slightly older E-300 model. Both cameras use a 8-megapixel CCD, and offer many of the same features and options. One such feature is the supersonic wave filter dust-reduction system, which literally shakes dust off the image sensor (35,000 times per second) when the camera is activated.

The E-500, however, has a noticeably different appearance. The camera has a more traditional form largely due to the reemergence of a hump where the hotshoe and flash are located. The E-300, by contrast, has a flat-top design, considered less attractive by most users. The hump on the E-500 has a functional advantage as well, allowing the flash to sit higher and disperse a greater range of light.