It's not just Olympus, it's pretty common these days:
http://www.rpphoto.com/howto/view.asp?articleID=1026 (browse down for "a better solution" paragraph).
The problem is that producers tend to have their flash to be "smart" and communicate with the camera so that, for instance, the high-sync feature is not available, on certain flashes, if the camera does not tell the flash that it supports it (I can understand the logic, but I would like to be able to override any logic). They also do that for marketing reasons probably, to tie the sale of their flash to the sale of their cameras.
Nikon calls this Auto FP high-sync which tells a lot.
I suppose that by interrupting communication between flash and camera (the dedicated pins) the feature could be available, with some flash, also with cameras that were designed before its advent.
The fastest test would be to mount such a flash on an old camera that only has the hot sync (without additional electric contacts) and see what happens. Or use a flash cable. [EDIT: In any case the camera must have the FP, M or MP synchronization].
I'm not going to buy a flash just to see if it works in fast-sync with my cameras, but I would certainly buy one if I knew that I can use fast-sync with my cameras. Check your flashes, if they are recent they may support fast-sync.