It's that time of the year and I really can't decide!

Depends on budget. I own 14-140 and really like it. It is difficult to change lenses on MFT cameras because of the small size so, 14-140 makes sense. I own Oly e-p2 and Panny G1, usually I keep 14-140 on G1 and 7-14 or 20mm on Oly. This way I dont need to change lenses on the go.
However, if money is an object then 45-200 is much much cheaper, somewhat soft but its ok lens.
You could ask Santa to sell 14-45 then, kick in some cash. Another alternative is to sell your kit and to buy GH1 + 14-140 kit from amazon for $999

 

It depends on your shooting style. If you're a low light shooter, you will keep the 20mm pancake on the camera most of the time. If you need extra range and are not too worried about ambient light night shooting, choose the 14-140. I grab the lens any time I shoot parades. I found it works much better than the 45-200, which doesn't give me the wide angle I often need. There is no time to change lenses at events, so the 14-140 works best as an all-around lens. It is heavy though, but is a much better lens than the 45-200.

 

If you're willing to give up image stabilisation, you could buy the Olympus 14-150mm. It's considerably smaller and lighter than the 14-150 and is almost as good optically.

 

x2 - depends on what kind of shooting you do of course, but this lens is amazing.

 

No direct experience, but the primary issue will be lack of image stabilisation. Otherwise, the lens should work just fine.

I posted in another thread about trying out similar focal lengths (i.e. 300mm equivalent) on my Canon without image stabilisation. Based on that and some reading, I believe you'd be limited to outdoor, daylight shots at long focal lengths unless you use a tripod or flash. You would perhaps have a few more accidentally fuzzy shots as well.

EDIT: I should clarify that I'm talking about fully zoomed-in shots. At shorter focal lengths (e.g. up to about 50mm), the lack of image stabilisation will be less of an issue and you could probably take indoor shots without a flash or tripod.

 

I agree. Lots of reasons to have others, but this lens (or the Oly 17 if you prefer) plays to so many M4/3 strengths.

 

<== I'm with him.