E-M5 + 12-50 kit vs GX1 + 12-35 2.8
I agree with you totally.
Also, I think the GX1 definetly represents better "value" right now with the current pricing i.e. I think you are getting more for your money.
The E-M5 is a great camera but as previously stated you can always upgrade the body at a later date.
If you don't need the extra features of the E-M5 (EVF, IBIS, weather sealing, etc) then I would buy the GX1 with the premium glass. You will probably upgrade your body within the next couple of years no matter which one you buy, but the glass will retain its usefulness and value.