How would you spend $850?

The first lens that comes to mind is the Panasonic 14mm f2.5 . It can be had for under $200 on Ebay (new, from repackaged kits). It would fit your budget, and it a really fun lens to use. IQ is very good, and it is also really tiny and very fast and silent focusing.

Second lens of choice would be the Panasonic 20mm f 1.7. It's a VERY sharp lens, and gets accolades all around. Because of the wider maximum aperture, it is a great choice in low light. Drawbacks are that it is a little more expensive, and at very high ISOs with the Oly sensor, it can show some banding (but only at very high ISOs). It is also a bit slower to focus than the 14mm. This was the first really terrific lens to come out for M43s, and its IQ is still excellent.

There is also the Sigma 19mm, but I have no personal experience with it, so I can't tell you how it performs compared to these two. Oly makes two 17mm lenses; one is out of your price range and the other is an ok, but nothing spectacular, performer, according to most of the lens reviews.

IMO, the two Panasonics are the ones that will best fit in your budget and meet your needs. I've had both, and I use the 14mm as my general purpose "city" lens now, as I prefer to have a wider FOV than that provided by the 20mm. YMMV on that, and I would figure out what width you are most comfortable with, and get the lens that matches.

-J

For that amount, the best combo is the Pany 20mm and the Oly 45mm.  I have them both and they are both at the top of the quality spectrum.  Feet zooming a must.

Otherwise, you're going to have to spend a little more to get that Pany 12-35mm which is a great lens but a little steep in $$$ too.

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Dan

Welcome to the community.

I presume you mean the 14-42 kit zoom; I don't know what other kits Olympus is offering at the moment where you live.  The 14-42 is a common kit choice for both Panasonic and Olympus -- it's a useful zoom range for everyday use, though they're not fast lenses, so nighttime indoor photography with them will usually mean using a flash.

They're good to have for other use.

You could do worse than the PanaLeica 25mm f/1.4.  It's good in low light, very fast autofocus, a typical "normal" focal length, and great optical quality.  If you prefer a longer lens, the Olympus 45mm f/1.8 is cheaper and very nice optically as well.  Another common choice is the dirt-cheap 14mm f/2.5 Panasonic pancake - you could get that plus either of the other two with change from your $850.

C.

Probably the EPL5 and one of the Sigmas or Panny 14 from Ebay if they are still available for under 200USD. (19 or 30 if you like primes?) The 14-42 Oly kit lens isn't bad at the wide end, but the 14-45 Panasonic is supposed to be pretty good and goes for around 250USD new (I'm still tempted by that one). A bit slow, but. After you get a bit more money (same boat I was in) the Panny 20 or the new Oly 17 seem something to choose from. Just my opinion, since seems everyone likes different focal lengths. When my budget allows it, I'd like to get the Panasonic 25, if Olympus doesn't come out with one before I get there. There are also a lot of manual focus lens choices (using adapters) to fill in the gaps..and regardless of what people tell you on here, some of them are pretty good...they just take a little effort and practice to focus them correctly.

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My Gallery is here -
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Why so serious? :The Joker

If it were me, I would buy:

Panasonic 25/1.4: $500 (the best IQ for the system IMHO)

Panasonic 14-45: $200 on ebay (a great IQ zoom, especially for the price - better than the kit lens from Oly)

Panasonic 14mm: $180 on ebay (a good low cost pocketable option)

-Kiel

I assume you're talking about $850 total for the body and lens?  If so I'd go with the Panasonic 20mm/1.7.  Very sharp, compact, light weight, good for low light, and a versatile FL.  Only down side is that it's one of the slower AFing MFT lenses, but plenty fast for most purposes.  Another potential downside is that it can show banding at very high ISO (6400+), but not everyone is seeing that.

If you want to forget about your budget and do it once than the Panasonic 12-35 2.8 is a fantastic lens. B&H Photo has deals on certain cameras by clicking the savings available you can save $50 - $200 when buying a body at the same time.

The Olympus EPL5 with the 12-35 2.8 is $1748

The Panasonic GX-1 with the same lens is $1448 a $300 difference

This is what I would buy. Whether it Olympus or Panasonic body. I am a Panasonic user so this is what I would do:

Panasonic GX-1 or EPL5 with a standard zoom unless you want something special.

The Panasonic GX-1 with the following

Panasonic 14-45 zoom equal to a 28-90 mm in 35 mm format.

B&W Multi-Coated Clear protective filter MRC-007M

Metz 24-AF-1 flash

Domke Gripper strap 1" black. I never use the manufactures camera strap since it advertises the camera too much.

This is $863 from B&H

For camera bags it can almost be anything but buy something once and its versatile, maybe another $100. The Domke F6-little bit smaller will work. Lowepro & Kata are good too. The main problem with MFT's is the except for the GH type body and maybe the OMD everything is small so you need short inserts so the lenses don't get lost in the bag (too deep of an insert) You don't want to fight to get something out. The Think Retrospective 5 will work as is too. Some use Crumpler bags just not my favorite set up.

If you need an extra battery that can be another $40 or so.

I do not have my hand on your wallet and you asked for suggestions. Take the advice how ever you like and your decision is the right one. What is good for someone may be not right for you. Its all subjective.

I'm assuming you're going to get the E-PL5 regardless and is just asking for lens options with $850?

Panasonic Leica DG 25 mm f/1.4: $499 if you prefer a 50 mm equivalent.

OR

Olympus M.Zuiko 17 mm f/1.8: $499 if you prefer a 35 mm equivalent.

I would stop here and use it for a few months before adding anything else. I hope you know which standard you prefer.

$850, including the E-PL5, leaves you $250. I would have two options: the PL14 or the 40-150.

One gives you a fast wide angle but in a focal length already available to you with the kit, the other gives you a decent zoom in a focal range that gives you telephoto.

The kit lens and the 40-150 aren't underwhelming; they are, in fact, very good lenses given that they are kit lenses. The 14-42 is actually a nice little lens that is very compact when stowed. The 40-150 is a great little telephoto and with IBIS and the Sony sensor in the E-PL5 you will not have a major issue with low light -- you will only be compromising on the depth of field limitations due to the slow glass.

Now if you are saying $850 on top of the E-PL5, then you have options:

1. 9-18 and 40-150: complete focal range domination.

Those were my first two expansions to the E-PL2 and with a focal range of 9 through 150 I was very well kitted out for vacation. This gives you versatility in a very small package at $900 MSRP (pretty sure you can find a few discounts to get it below your budget).

2. PL25 and M.Z45.M.Z60: fast standard to tele primes.
I would get the PL25 over the PL20 unless you want a pancake (or you prefer 20mm) if you want a fast standard prime. Also, the PL20 is known to be a slow focuser, which may not be a problem for you but it is an issue for some. The 45mm gives you an excellent bang for buck portrait prime or the 60 gives you macro. Again $900 MSRP but you can probably find small discounts to get it below $850.
3. PL14 and PL25: fast wide to standard primes.
The PL14 gives you a fast wide. The PL25 is as mentioned. A bargain as even if the PL25 is $500-550 you'll find the PL14 on eBay for under $200.
4. M.Z12: ultra-wide prime.
Basically a matter of preference. Do you want an $800 fast ultra-wide angle over anything else? Or...
5. 9-18 and PL14: the affordable wide angle kit.
You get a fast wide but you also get to cover the wide angle with the affordable yet excellent 9-18. $800-900.
6. 40-150 and a prime (PL25, M.Z45 or M.Z60 macro).
If you get one of the Zuikos you could probably swing the PL14 on eBay and still be on budget.
Basically, you have a lot of great options with $850 for lenses, but not much of anything if that includes the price of the camera.
Also, you could swap the PL14 for the M.Z17 f/2.8 if you prefer that focal length and are okay with the slightly slower glass.
As mentioned, I went with option 1, then started working on prime lens acquisition later when I figured out what focal lengths I tended to use. So far I got the PL14 (too good a deal) and recently the PL25. I'm eyeing the M.Z60 now and will be very keen on the rumored 300mm f/4.

a refurb E-pl1 body for $100.00, a $39.00 Super Takumar 50mm f2.0  and use the rest for five days in Hawaii.

Tedolph

... do you manage to get to Hawaii, let alone spend five days there, on $700?

Because I would absolutely jump at that deal right now to get away from the cold.

Roundtrip airfare $349.00 from Seattle, room w/kitchenette $99.00 per night at the Napili Sunset on Napili bay, Maui.

Get a friend to go with you (best if she is really cute) so room only cost $50.00 per night and there you are!



TEdolph

I wouldn't want the E-PL5 in the first place - no viewfinder. But since you do, the E-PL5 plus kit lens (it's almost free) plus Panasonic 14/2.5 = $850.

My combo at that budget would perhaps be Panasonic G5 with kit lens plus Panasonic 20/1.7 = $850.

Find the kit Panny 14-45, it's probably the best of the kit zooms. On the used market, they don't bring all that much when they do come up for sale, maybe $150.

Then, add one terrific prime so you can see what this system can really do. In the aperture/IQ/price department, that is the Oly MZD 45 1.8. Very small and wicked sharp. $400.

And you still have $300 left over. That will get you a decent short tele like the Oly MZD 40-150, or an ultra small pancake like the Panny 20 1.7.

Oh, and the change on a razor!

The kit lens is above average at all lengths compared to other kits of different systems so it's fine. I would choose however, the Panny 25 1.4 and the Oly 45mm 1.8 if I had that amount of coin immediately available.

I am awaiting two announcements :

The Olympus Pen E-P5, and the Lumix GX2.
I was disappointed by the feature set of the Pen Lite and Mini, the superb sensor notwithstanding.

Are you in a hurry ?

rd

Others have already said this. If all you have is $850, and the EPL5 costing $599, not a lot left.

Try to get a VF3 bundle for $99 and the 40-150 for $99.

Maybe you have an Uncle Ed, who will be glad to give away his old 50mm and 135mm superTak's (if he was an OM or FD user, same thing) to someone who appreciates them. Add a $20 adapter and have fun.

OP has a total budget of $850, including the camera.

Agree with G5 + kit + 20mm.

But If you want the better sensor in the E-pl5, I guess I would still go the same route, with the 20mm Excellent, small lens.