Yes a Large value of Optical Zoom is a must, Me personally I'd go with the Olympus only because that's what I got.
If your thinking of shooting movies I'd work out how much movie space you can get on the camera, Sure shooting at 1280x720p sounds nice but do we really need it HD, 640x480 is much better and closer to normal TV resolution, unless you've gone ALL HD and it's Mov vs AVI as MJPEG now
MJPEG is good but it can suffer from "artifacting" this is totally due to the compression and well generally your not meant to notice it unless it's heavily compressing and you will notice it also MOV that's going Mpeg-4 again this can look crap depends on the codec hardwired inside.
What ever camera you get take it to manual when ever possible, so you can set the picture size as generally it Will default to the largest possible picture ,sure crystal clear pictures but at a price uses more memory, although that shouldn't be a problem...
I do find my Olympus very easy to use menu wise as it's fairly easy to navigate. The boss has a canon and it's not so clear to me mind you only used it a few times but good camera. Oh and I'd say they both take pretty good action shots, just don't even attempt to use "fulltime AutoFocus" on those it won't work..