Olympus UK (see ePhotozine) and Olympus France (see ForumOlympusFrance) announced price cuts on the E-PL1. It looks like those price cuts have been made worldwide. In US BHphoto now sells the E-PL1 for $479 (Click here). Add the item to the cart to see the real price!
I guess this is a move to be even more competitive with the Sony NEX cameras.
(Thanks E-P1.net for finding the BH deal)