Firmware updates of Olympus E-System digital SLR bodies and Zuiko Digital lenses are performed using OLYMPUS Master or OLYMPUS Studio software. Each version of the software has an Update Camera function that is used to initiate the update procedure. Below are the locations of the update functions in the various software versions: • OLYMPUS Master 2.x: In the Browse windows toolbar, click on Update/Language. • OLYMPUS Studio 2.x: In the Browse windows toolbar, click on Update/Language. Before updating, mount an Olympus Zuiko Digital lens to the camera body and set the camera bodys USB MODE to STORAGE. Connect the camera to a computer via its bundled USB cable. The computer must be connected to the Internet because the download and installation are managed online from an Olympus server. The camera battery should be fully charged. When these prerequisites are met, launch the software and click on the update function. The update process will first poll the camera and lens to determine what
Olympus has now released a Digital Camera Updater utility so that the camera/lens firmware can be updated WITHOUT having to go through Olympus Master or Studio which functions for all E-system cameras except the E-1 and E-300 (any Oly digital camera released after 2004).
http://www.olympusamerica.com/cpg_section/cpg_downloads_updater.asp
You will still need to connect the camera with the data cable, set the camera body’s USB mode to STORAGE and then run the utility (similar to the steps mentioned above).