Don't buy any of the kit lenses in a store (14-42s, 14-45, 17/2.8, 14/2.5), unless you're getting them with a camera. The retail prices are generally 40-50% more than you pay secondhand or refurbished. The same goes for the Olympus 40-150.

The only lens that has no redeeming features is the Olympus 14-42mk1. All the others have some uses.

But it's probably better to go by what you do want than what you don't.

DH

The Panasonic 14-42mm X has been identified by some as producing blurry images at certain shutter speeds and focal length combinations. Some of the people that complained on this site are long time members with considerable experience. I love the idea of the lens and have noticed some recent reviews at BH, Adorama, and Amazon have specifically indicated no problems. I don't think Panasonic ever admitted to a problem, but may have resolved a build issue that is now producing better lenses. I am still tempted with the idea of a pancake size zoom for walk around use, but these things are a bit overpriced in my opinion and I would not buy a used one.

Lee

I have to say that the Panasonic 45-200 is not a good lens for me. Bad color rendering and bad IQ on the 100-200mm range.
On the positive side it has impressive IQ @45mm but for that there is the Oly 45mm f1.8.
I sold mine and replaced it with both Takumar 3.5/135 and 4/200 that are much better but manual.

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See my blog here: lumieiro.wordpress.com.

For one person's opinion, you can check this article by Thom Hogan.

Thom seems to have the 45/1.8 listed as metal. It is not in case any new folks might be confused

FWIW, he has a parallel series of "impressions" on sansmirror.com as well as real reviews of the 12/2 and 45/1.8.

I can't really think of an m43 lens that I would avoid, necessarily...but many of them lack in the exciting-department. The kit lenses, the Oly 17, etc. are all fine, but they have some stiff competition that I personally find far more interesting.

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Olympus OM-D E-M5
Panasonic Lumix 12-35mm F2.8
Panasonic Leica Summilux 25mm F1.4
Panasonic Lumix 45-175mm F4-5.6

Lenses that aren't worth the money? Sure PL 25/1.4...

The CV 0.95 if you get one to use as a toy lens would not be worth it.

I'm loving the 3rd party hearsay commentary about the 14-42PZ... A bad copy of any lens is to be avoided, doesn't have to be the 14-42PZ...

I would personally not buy the 40-150, I think there are many better options.

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GX1 - OM-D E-M5 - Lumix G 7-14 | 12-35 | 20 | 35-100 | 45-175 - m.ZD 12-50 | 45 - Samyang 7.5 - 500px

Worth every penny.

Panny 45mm f2.8
Panny 12-35mm f2.8
Panny 7-14mm f1.0
Oly 75mm f1.8

As you can probably tell, these are all well regarded lenses. But I find that for my money and my way of shooting, I can find more options that will give me better money/IQ ratio. As already mentioned, this is hugely subjective.

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Current Gear: EM-5 | E-PM1 | 14-150mm | 20mm f1.7 | Rokinon 7.5mm f3.5 | Fujian 35mm f1.7

For Sale: 14-42mm R, $90 gifted/shipped