The E-pl1 does have one serious flaw in my oppinion: no remote shutter release. It does have shutter delay and anti-shock (no live view two step dance for the shutter) for use on tripods but that is useless for scenes with moving objects (e.g. fireworks).
The E-pl2 and later cameras fix that problem.
But, if you can live with that limtation there is no reason not to pick up this body at this price. It probably is the best image quality/price performer in the interchangeable camera world-dSLRs included. Use the $$ you save to get the excellent VF-2 and some good lenses or adapters.