You can find 14-45mm in good condition for lass than $170 on ebay. It is much better than 14-42mm (Olympus or Panosonic).
How about a new PL3 for $299.99 or a new PM1 for $199.99 at Fry's today.
I owned a 14-42. Sold it and bought a used 14-45 on ebay for $153.50 + free shipping. The 14-45 is a much better lens. You may find similar deal on ebay with out much trouble.
Too late. It is over. The black E-M5 body is $950 now.
I like my Konica Hexanon 85mm f1.8 a lot. Check out the photos I attached at the following post:http://forums.dpreview.com/forums/post/39915705Larry
It is a good deal if you need a m4/3 zoom lens.