The digital reincarnation of the 35mm film Olympus PEN-F does not replace the current digital PEN flagship E-P5, rather it slides in next to it as the 'premium' option in the PEN family. The reason being that unlike digital PENs before it, the F has something much more OM-D-like: a built-in 2.36 million dot OLED electronic viewfinder. The F also boasts the highest output resolution of any Olympus body to date, boasting a 20MP Four Thirds sensor (probably the same one we've seen in the Panasonic Lumix DMC-GX8).

With many of the same guts as the OM-D EM-5 II and sleek rangefinder-style looks (reminiscent of Fujifilm’s X100 series cameras), the most direct competitors for the PEN-F are probably Sony's a6000 and Fujifilm's just-announced X-E2S - both of which are APS-C format cameras. Of course, the PEN-F also has to compete against alternatives within the OM-D series as well.
http://www.dpreview.com/reviews/history-repeating-olympus-pen-f-first-impressions-review