I currently have a EP5 and the original 14-42 kit (which for me has been amazingly sharp) and the 40-150. I'm a two system shooter (Nikon and Oly) and want to keep my Oly kit to two or three lens. The 14-42 will live on my EPL1 after I get the new lenses. The EP5 will "always be with me" in a small LowPro all weather bag. While the 12-40 seems large (like the 40-150) the quality seems very good. The other two lens are small and produce great images also. The 12/45 combination will cover what I use the kit lens for (almost always at the extremes) in a very small form factor. The 12-40 would be a one lens solution but larger. I often am shooting in harsh environments (lots of dust/sand/spray) even around where I live. I'm really leaning toward the 12/45 combination but the great reviews I see about the 12-40 are compelling also. F2.8 for me is as good as the 2.0/1.8 of the other lens for what I image. I will be shooting mainly landscapes/Macro (MCON01 & 02)/ and rural/cityscapes with this camera . Am I making a mistake not considering the 9-18? I will travel with what ever set I get plus the 40-150. Since I'm probably buying Oly refurbished, it's not a $1000 decision but a $700 one, but I would like not to have to resale because my decision did not have enough data points. Thanks for your input.