Yes, the E-M5 does have an embedded JPEG in the raw file and the image
is medium sized at 3200x2400. I didn't find it because I was using an
old version of BreezeBrowser which only shows a tiny thumbnail. So I
decided to trial the latest version of BreezeBrowser. It recognizes the
embedded JPEG and uses it in a slideshow display. However, the function
that's supposed to extract the JPEGs fails on the ORF file and the raw
file conversion also fails. So much for BreezeBrowser and the E-M5.
Olympus Viewer 2 clearly uses the embedded JPEG for slideshows and
converts raw files but seems to have no provision for extracting JPEGs
from the raw files.
So FastStone to the rescue. FastStone isn't particularly fast but
clearly also uses the embedded JPEGs for slideshows. It doesn't have a
specifically identified function for extracting the JPEGs but will do
the job with its export for email (which you can direct to a a file).
It was FastStone which identified the JPEG file size by defaulting to an
image size of 3400x2400. FastStone can also convert the raw file but is
fairly slow and seems to give some different colors.
Adobe Bridge clearly uses the embedded JPEGs for slideshows also but
seems to forget what they might useful for if you ask it to export
images sized at 3200x2400 with a raw file as input. It does so slowly
because it needlessly uses Camera Raw to convert the raw file before
writing the JPEG.
Themed Olympus Photo Exhibition: http://www.tope.nl/