I don't know how I missed this post before, but I'm very much interested in these files (!!)..
Being able to update firmware from SD card would be a big step forward.
I've been looking a bit at the E-P1's firmware and it also contains references to these Exxxyyyy.BIN, etc. files (xxx = model id, yyyy = version). There's also a string "dcolymp", etc. So this looks promising.
I made a little tool that can do packing and unpacking; and some crude statistical analysis to estimate loading address (for E-P1 firmware for instance, it is not the value in the code block's header 0x40060000, but the slightly more exotic 0x6F191420.
I checked the firmware's descrambling and checksum computation routines in IDA and it seems correct.
Will send email to mx3 and foxo..