I think the Rebel XT is a very good entry level camera. I also think the D50 is a great entry level camera. Same goes for the E-500.
I am an oly user, with an E-1 and I have to say I just adore my lenses. I will probably add the 35-100 f2 to the lineup in the near future. Before I invest in such a nice lens, I want the E-1 successor(as long as it lives up to my expectations) I think the lenses are just amazing. Granted, I am surely biased
My husband got tired of waiting for the replacement for the E-1 to come out, so he bought an E-500 that actually came while writing this post. Now he has a camera and the complaining can stop
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