when will aperture 3 be updated to handle RAW from olympus em-5

Wait and see, we are users like you, and no clairvoyants.

Recently Apple has been pretty quick to add raw support for new cameras, but reverse engineering of the raw processing is hard work and may take some time, and is has to be done for each new camera from the scratch, since it is camera specific.

In the mean time, leave feedback.

—Andreas

It's not that inconvenient in practice. I set up my workflow so that Adobe DNG Converter wrote the DNGs to an import folder and had Aperture configured to read them in from there. This only added a few minutes to the process and sure beat the alternatives. Too bad it doesn't work with the EM-5!

—Andreas