Olympus have a really stupid and misleading f8 aperture setting. It is actually f2.8, but they achieve the light transmission of f8 by putting an ND filter in the light path. So you get all the disadvantage of shooting at f8 such as slow shutter speeds and high ISO but no advantage of increased DOF. Next time I go scuba diving I will set the camera to f2.8 and I am confident I will get better shots. This will also affect my terrestrial shots because I have often set f8 in the mistaken belief I was getting increased DOF. The ND function of F8 may be an advantage in bright light or closeup strobe work, but call it a ND filter and not f8.
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That would be a deal-breaker for me.
Don’t forget that that camera has a tiny sensor - F2.8 on that lens is probably quite comparable with F8 on a full frame!
For the price range it represents a good choice for underwater and tough conditions. It shoots in RAW which is the big attraction to me, but very annoying calling it f8 when it is not. Underwater I wanted max depth of field so I selected f8. All I achieved was slow shutter speeds (=blurry fish) and high ISO(= noise). Now I shoot on f2.8, I get better results. If they called it a ND filter like my Canon G16 does it would be better.