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Sounds like your priorities are aligned with mine. I've always loved the E-M5's for travel. Enough image quality for any of my own likely purposes, loaded with features, witchcraft IBIS and probably the biggest pull is the choice of lenses.Thanks for the review Graham - don't know if you have an E-M1II but if you do, would you say the CAF on the E-M5III is as good as on the E-M1III? I might have to follow suit and upgrade my E-M5II if that's the case.
The E-M5III appears to be what I've always hoped Olympus would release: a weather-sealed travel camera as light as possible and with usable CAF capability.
From what I gather the E-M5 iii and E-M1 ii share identical AF systems so that should answer your question. I don't own an E-M1ii but I borrowed one through test and wow the weekend prior to buying the E-M5iii. The AF is remarkable compared to the E-M5ii, D800 and X100T that I've been used to more recently. I know they aren't great yard sticks these days and Sony in particular can sell you cameras that probably never miss focus on anything but honestly for me, the current Olympus offerings are just fine. The biggest challenge I have subjected my E-M5iii to is our 10 month old dalmation running straight at the camera. Keeper rates aren't 100% but I can probably get 70-80% now that I've done a bit of trial and error with settings. I wouldn't have fancied the chances of my E-M5ii even getting one sharp shot under those circumstances and I'd have probably favoured using some sort of manual trap focus technique. For really fast, erratic moving stuff (and I'd count our dog in that category!) you do need to spend some time tweaking settings and it can make a big difference to performance. But at the less challenging end of the spectrum I took a burst of my daughter riding her bike towards the camera and every shot of that burst was sharp with no mucking around in the menus.
The guys on here who use the E-M1ii for birds in flight can probably give you a better idea of the strengths and weaknesses of the AF system but suffice to say, for my needs I'm more than happy.