Dano, where did you see that price for the 5700? i've only seen it as low as 1650 in canada; which is about 500 bucks more than the 5050.
Ill add my two sents worth:
1. the oly uses AAs, and its the BEST system to be with. I travelled europe with a mivica a while back, and even though their batteries are great, if you are stuck with no juice, you're stuck. AAs you can buy in a lot of places, getting you an otherwise lost opportunity.
2. the 5050 is THE ONLY ONE of the two that will fit in your pocket. REALLY. You must think if this may be important top you, but my personal experience has been that this is invaluable in places you dont want to show your equipment(believe me, you will be there), as well as be quie mobile in trekking with a digicam in your pocket, rather than your knapsack...
3. (i know, three cents worth
) the 5050 takes smartmedia, xd cards, compact flash AND microdrives. Again, if this is important to you...
Here is a good comparisson review including the comparison with the G3 and the 717:
hope it helps.