A faster M 4/3 zoom

No, the G Vario 14-45 exists in one version only. It is the very first MFT kit lens, and the best of the bunch optically speaking. It is also well built (metal mount, OIS switch on the barrel). After a short while, however, Panasonic introduced a new, "cheaper" kit lens, the G Vario 14-42 (plastic mount, no OIS switch on the barrel). So when you have heard of two versions, it is probably these two (14-45 and 14-42) rather than two different versions of the 14-45. And the first (14-45), not the second (14-42), is regarded as the better one. Just look at DPR's reviews of the two:

http://www.dpreview.com/reviews/panasonicGF1/page19.asp

http://www.dpreview.com/reviews/PanasonicDMCG2/13

I'd certainly hold on to that 14-45 if I were you. Search this forum, and you'll find almost universal praise.