I bought an IS-10 because I liked the ZLR concept and had some experience with it in the half-frame Yashica Samurai. I used it for travel and nature photography-- I found that the IS-10 with a supplementary close-up lens worked very well to photograph butterflies, for example. When digital enthusiasm put a lot of film cameras on the used market, I bought an IS-2 and IS-3 from Goodwill. It's the IS-2 that I will write about here. Though I think that I could probably get along 90% of the time using the IS-2 as my 35mm camera, what I want to emphasize is its use as a big P&S which also is a true SLR with a high quality lens and adjustable settings.
The IS-2 lens is a 35mm - 135mm F4.5 - 5.6, avoiding the almost unusable small aperture at the long end that shows up in many zoom p&s cameras. The user gets 4 program choices along with aperture priority, manual exposure, and +/- 4 stops of compensation. There's no free lunch, of course, so the Olympus IS line is heavier than a compact p&s, but they are well-designed for hand holding and pretty steady even at the long end of focus. Exposure is done by 3 choices of metering-- fuzzy logic, center-weighted, and spot. The 49mm thread on the lens is available for filters or a lens hood which I haven't used but is a good idea because of all the elements in the lens-- I thought there was a little "haze" on the photo of the black sign below, though I'm not sure it was flare-- it cleared up right away in PS Elements 6. Following a picture of the IS-2 (sorry about its last-minute quality) are some photos to show what it produces.