E-PL3's kit lens?
Assuming that the stock kit lens for this camera is the 14-42mm lens, exactly which version of this lens is it? The older original version, or a newer version. How does it stack up IQ-wise?
Still considered a so-so lens, or better(or worse)?
It's the current version of the lens, the 14-42mm IIR, as you will find on the just-launched E-PL5 which replaces it. The IIR is optically and functionally identical to the II which preceded it (shipped with the E-PL2) but cosmetically different. Both are totally different from the original 14-42 (E-P1, E-P2) and the plastic-mount variant of that lens (14-42 L, supplied on the E-PL1).
As with all kit lenses, quality can vary a little and build quality is, erm, lightweight, but I find it a pretty decent little thing. Focusing is fast and quiet, handling is nice and smooth and optical quality is usually pretty decent.