Got a 12-40mm at the end of 2013 and decided to do a little comparison with the 14-35mm of Four-Third fame. I do understand that the 14-35mm is close to two and a half times more expensive weight more and is a far larger lens with less reach. But I love the rendition of it so here it is... Nothing scientific mind you and sorry for the dullness of the pictures. 14-35mm at 35mm on the E-M1: <a href="http://www.flickr.com/photos/82954450@N05/11740188634/" title="M1010005 by cdg2lax, on Flickr">"800" height="600" alt="M1010005"></a> 12-40mm at 40mm on the E-P5: <a href="http://www.flickr.com/photos/82954450@N05/11739809443/" title="P0017407 by cdg2lax, on Flickr">"800" height="600" alt="P0017407"></a> In short I keep both! Especially that with the EC-14 the reach at the telephoto end of the 14-35mm increase with no notable drop in image quality and rendering.