I was thinking about this subject the other day when drooling over reviews of the new 12-35mm and 75mm lenses. As much as I'd love to add them to my kit, I just know it will never happen: I just can't afford them. And I'm pretty sure I'm not alone in this opinion. For example, my brother just picked up a used G1 body at a great price, and is now also part of the m43 community. But, like me, he's just not going to plunk down $1,000 for a lens no matter how good it is. He's eager to try different lenses on his camera, but he doesn't have the budget to buy the very best of them. So I thought it might be useful to start a discussion of the great 'value' lenses in m43: lenses that can be bought (relatively) cheaply, yet provide excellent IQ and performance. I recognize that the description "relatively" is a problem--to some people, especially those accustomed to large DLSR systems, the Panasonic 7-14mm UWA zoom is a great value at $800. But that's not what I mean. As an arbitrary limit, I'd like to confine the discussion to lenses that cost no more than the price of an entry-level m43 body--about $300-$400. Here's my list, in order of 'value'. Prices represent the lowest prices one can typically obtain the lens for in either new or excellent used condition, as seen on eBay (US dollars). Panasonic 14mm f/2.5: $160. One of my favorite m43 lenses despite its low cost because it's sharp, relatively fast, snappy, and just plain tiny. It's the lens that makes an E-PM1 or GF/GX style camera truly pocketable. Panasonic or Olympus 14-42mm f/3.5-5.6 kit lens: $90. Even though it's often maligned, the standard kit lens by either manufacturer is actually pretty good. Olympus m.zuiko 40-150mm f/4-5.6 ($140) OR Panasonic 45-200mm f/4-5.6 ($180). Both of these telephoto zooms are great values, providing more than decent IQ at a reasonable price. The advantage of the Panasonic is its extra reach and IS; the advantage of the Olympus is its size/weight and lower price. Any legacy 50mm approximately f/2 lens + adapter: $50. I've tried many of these, and my favorite is the Yashica ML 50mm f/2. You can pay a little more for faster glass, but IMO it's not worth it: f/2 gives you enough DOF for a whole head and many of the faster lenses need to be stopped down to this aperture anyway to become reasonably sharp. A 50mm lens makes a favorite portrait lens in m43. Panasonic 20mm f/1.7: $330. Pretty expensive (for this list), but a fabulous lens that offers a combination of three things not found together in any other system lens: (a) fast speed; (b) excellent IQ; and (c) small size. It's cheaper and significantly smaller than the PanaLeica 25mm f/1.4, which is an even better lens but unfortunately out of the price range of many users (about $500 used). Panasonic 14-45mm f/3.5-5.6: $170. This was the standard kit lens for the early Panasonic mirrorless cameras, and it's widely considered the best of the bunch. It costs more than the later versions, is larger and isn't quite as snappy, but it's somewhat sharper and has excellent IS via an external on/off switch (very useful for Olympus users). Olympus 45mm f/1.8: $350. Big jump in price compared to the legacy options above, but this is a spectacular lens: sharp, great bokeh, and very speedy AF operation. If you shoot this FL a lot this lens may very well be worth every penny. I'd love to hear other suggestions, or whether you agree or disagree with my choices.