I basically agree with everything here. The 12-50 has lots of great features and perhaps I had a poor copy but I never warmed up to the lens. I sense there is quite a bit of variation between copies of that lens. I've never used any of the 14-42 versions so can't compare directly. The 40-150 is remarkably good for the price. Needs good light for hand holding at longer focal lengths but that's true of any of the kit type tele zooms. Of the options I'd go for the two lens kit. I've rented the 12-35 and thought it was excellent but I was waiting for the Oly high grade standard zoom. I have the 12-40 and it's excellent optically. The but is that it's considerably more expensive and it's pretty chunky. Been reading really good things about the new Panny 12-32. If you get the 2 lens kit and can swing it, I'd try to add one of the fast normalish primes: Oly or PL 25, or Oly 17 f/1.8. the large aperture of these lenses really opens up opportunities in poor light.