For the money, the Olympus is a lot of camera, especially since you can find them new for under $1200 these days. Nikon doesn't have a Coolpix that can do any better or even as well in many regards. The D1X is a lot more camera, but then it sure ought to be at the price. It's still short of the removable finder and mirror lockup that help define the F5's top line status - it's more like an F100 with RGB metering and the battery grip.
If you want the best quality, shoot in RAW mode and convert your images as needed, optimized for a given use. sRGB is a good space for web images. Adobe RGB (1998) isn't wide gamut, but it's a good choice so that your colors will work when printed on a cmyk printer.