I am surprised to hear about your experience with the internal IS, Duha. I use mine all the time and find it very useful. There is still no substitute for fast shutter speeds and making sure you hold the camera steady. Some of my shots in low light are far from sharp but on other occasions the results have surpassed my expectations, given the conditions.
On the E-620 and my E-30 it is possible to use legacy lenses by entering the focal length of the lens to calibrate the IS system. This is obviously easier with a prime lens than a zoom but I assume you would normally enter the longest focal length.
Concerning the OP's original question I don't know which system is better as I have only used the inbuilt version. However, the inbuilt IS is one feature which prompted me to buy an Olympus camera. It seems to work pretty well and I am not disappointed. However, the lack of affordable lenses over 300mm means that Olympus remains a poor choice for bird photography.
Ron
I'm currently in the position of owning both systems. I've owned an Olympus E-510 with 50-200SWD and 1.4 converter for over a year and have been very happy with some of the results I've had with it. However, I've began to have nagging doubts that I was missing something, so bought a used Canon 40D and a couple of weeks ago a 100-400L IS zoom lens to go with it.
It's early days yet, and I'm still testing and comparing both systems, but my early gut feeling is that the Canon zoom's stabilizing system works better. I've never been aware of the Olympus IS working, whereas you are certainly aware of the Canon IS 'locking on' and can actually see the steadying effect it has on the image.
In comparison, the Olympus combo gives an effective 560mm with max aperture of F4.9
It's the longest quality and reasonably fast Olympus lens I can afford.
The Canon lens @400mm is an effective 640mm F5.6 without a teleconverter (AF is not retained with a converter, though for tripod work the extra 40% is still an extra bonus that I might explore sometime in the future).
I am still yet to be convinced that the Canon lens is as sharp as the Olympus, even with the converter attached, but as I said it's early days and I have some more testing to do.
Ironically I tend to use the Olympus lens on a tripod, and have had best results with close-ups of large insects, whereas the Canon lens feels great hand-held for birds in flight, even though it is a bit longer in reach. It is also around 1kg heavier taking into account the camera body with lens attached.
Steve