Last night I decided to try the Olympus 14-42mm II lens in low light with two Sylvania 72 watt Halogen bulbs in table lamps and two 65 watt tungsten floods in ceiling).
Since the lens is not very fast, especially when it's zoomed and the aperture shuts down to f/5.6, so most of my images were taken at ISO 3200.
I like the results of the in-camera monochrome picture mode, used here with these settings: Contrast +1, Sharpness +1, B&W Filter Neutral, Pict. Tone, Neutral and Gradation Norm.
I shoot in both jpg and raw, so I still have a color image to work with.
I find the OOC color form the e-pl1 to be more pleasing than that from my e-pl5.