The Olympus OM-1 was highly praised for its compact size and high-quality construction, representing a significant shift towards smaller and more portable SLR cameras without compromising functionality. It helped establish Olympus as a major player in the SLR market and set the stage for the subsequent OM series models, including the OM-2 and OM-3. The OM-1 remains a beloved camera among film enthusiasts and collectors for its classic design and reliable performance.