This is an interesting comparison mainly because where the 40D's RAW output looks a lot crisper than its JPEG output, running the E-3's RAW files through ACR brings little, if any advantage in terms of detail or sharpness. Having spent quite some time with the E-3's raw files (
using both Olympus Studio 2.0 and ACR) it's become obvious that this isn't a case of 'not enough sharpening', but appears to be a slightly stronger than average anti-alias filter on the E-3' sensor, which limits the potential to capture sharp detail to what you see here. Probably not an issue for most users, but something pixel-peepers might find hard to swallow.