There is a thread about this in the E-system community group.Į-capture is cool with Master - the thumbnails show up as the pics are transferred, just move the right arrow and the image pops up almost full screen.
Olympus Studio was included on the disk but only as a trial version. That's how I always do it - download from camera to computer via usb and then I use Olympus Master 2 with my E-410. I thought I had it on my CD that came with my E-500 but maybe I just used the trial. Your camera should have come with the disk for Olympus master and Olympus studio. Olympus Master does not have this capability. It was about $100 from Olympus last I looked. You can take control of your camera from the keyboard. Olympus Studio is the one that will allow you to shoot tethered. You can also get a free download of Master 2 from Olympus on-line Olympus studio is the one for tethering, though I think master can do it also. Yes, your camera should have come with the disk for Olympus master and Olympus studio. I would also like to edit and print them from the PC using the Olympus Master II software. I would like to connect my E-500 directly to my laptop computer via usb and view photos as I take them.