Low light and action photography
Introduction:
The stationary or near-stationary subject:
Olympus E510 with ZD 7-14mm f/4 + ZD 50mm f/2.0 macro = $A4950
this gives image stabilised 14-28mm wide angle at usable ISO 400 f/4, 1/4 sec => LV down to -1
at 7mm, you can even get great pics at ISO 800, f/4, 1/2 sec => LV down to -3 - see night
and usable macro ISO 400 f/2, 1/15th sec => LV down to -1
Canon 1D Mark III with EF 100mm f/2.8 macro + EF 16-35mm f/2.8L II = $A10,600
this gives 21-46mm wide angle at usable ISO 1600 f/2.8, 1/30th sec => LV down to +1 only
and usable macro ISO 1600, f/2.8, 1/125th sec => LV down to +3 only (4 stops worse than Olympus !!)
debatable points:
how does the Olympus image quality at ISO 400 really compare with Canon at ISO 1600? Even if Canon were better here, you really need to bump the Canon to 6400ISO to match the Olympus LV level and I am very sure the Olympus noise at 400ISO would easily beat Canon at 6400ISO.
will the Olympus IS really allow shutter speed to be reduced to 1/4 sec for wide angle?
of course, the Canon is MUCH better at astrophotography and sports photography, but then these are not usually with wide angle or macro lenses, so what I am suggesting is that you need BOTH cameras if you want to push boundaries.
the forthcoming Canon full frames will have similar ISO noise as the 1D but allow wider angle albeit with barrel distortion at the edges, but unless they add sensor IS, it still won't be as good hand held in low light as the Olympus.
the Nikons + VR Micro-Nikkor 105mm f/2.8G actually gives a comparable macro performance to the Olympus (it's one stop slower lens balances the one stop ISO noise difference, but perhaps Nikon's IS is better than Olympus and optical IS should help AF in low light), however, Nikon do not have live preview for manual focus macros & don't have an IS super wide angle, although there are rumours the next Nikon near-full frame dSR will have a Sony IS sensor - but then you would have to throw out your DX lenses.
A moving subject but where we don't mind motion blur:
A moving subject where we can pan the camera:
A moving subject where we desire an adequate shutter speed to "stop" the action: