A trusted source that gave me (always) correct info in the past confirmed that Olympus has scheduled the release for the new E-7 for the second half of 2013. That’s a long way to go! Of course such long term rumors are subject to change but it’s also a confirmation that you should not expect any E-5 replacement any time soon!
The real question is, how should the E-7 be in order to be competitive with the other APS-C DSLR cameras? You have some ideas? :)