I've owned both the 200/4 and the 200/5.  Oh, and the 100-200/5.
 Oops, I forgot about the Soligar 75-260 zoom and the Soligar
200/2.8...
My original 200/4 met an untimely death.  I sold all of the
above listed lenses and I'm now on my second 200/4.  Personally,
the 200/5 is just too dim for me.  Took OK pictures, but it
didn't feel right or focus well for my usage.
The 200/4 isn't extremely sharp wide-open, but comes into its
own as you stop it down.  Actually, mine is VERY sharp when
stopped down tighter than a drum.  As an example, take a look at
my entry in the TOPE MACRO event.  And that is a horrible scan.
The 200/4 is, in my opinion, Olympus' replacement to the 200/5.
AG-Schnozz
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