Summary: I actually can't attest to the audio or video quality of the product and it may be great. However the first and only time I tried to use this product was at an event when I was attempting to use it for video. Unfortunately the camera is placed not on the back, opposite of the video screen, but at the top. So unfortunately, you can't view what you're filming, unless it's something a foot or two off the ground in front of you when you can still see the screen.
Summary: I purchased this to record vocals and acoustic guitar, but I just couldn't get it to work for me. It was cutting out all high frequency sounds no matter what settings I tried. After several frustrating weeks, and a half-dozen emails back and forth with the Olympus tech support, I ended up sending it back. Looking at the reviews, I am one of the few that had a problem, so it's probably just a problem with my device rather than an overall thing.
Summary: I have only had this camera for about 25 days, and thank goodness I discovered this problem within my 30 day window, as it is being returned today. First, there are many positive things I could say about this device, but I feel many other reviewers sum them up very accurately. However, one defect has yet to be discussed. I purchased the LS-20M to record classical performances (such as solo piano, or piano with another instrument).