12-50 mZuiko or 14-54 II w/ adapter for OM-D?

I'm confident the OM-D will be my next camera, but I am wondering what you all think about the lens choice. Right now I shoot with the 14-54 Mk II on my E-1. I love everything about the lens, but I am wondering how it will perform on the OM-D with the MMF-3 adapter? I'm leaning towards that option, rather than the 12-50. What do you think?
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Justin
E-1 + 14-54 II
http://www.flickr.com/photos/dinger