While I have lots of full 4/3 gear for bird work and such, I bought the E-P3 for carrying along when photography is not the primary objective. After much consideration and reading reviews, I bought the bundle with the 17-2.8, and added the Oly 14-150. If I just want a pocketable general-purpose point and shoot, I carry it with the 17 in a small case on my belt. If I am trail walking, and want to be prepared for almost anything, I carry the zoom on it, and hang it from one corner lug on a home-made Black Rapid-like strap.
BTW, I almost returned the whole works out of dissatisfaction after the first weekend with it. The factory settings on this body are awful, IMO. After I started experimenting, though, I am much pleased with it. I do not know how many individual settings there are, but I must have changed 40 or 50 of them, and I am still tweaking it. It gets better and better as I refine the settings, and as I gain more experience with it. I still have a shutter lag problem, but I am now convinced that it is the lag between my brain and my finger, as opposed to an inherent problem with the body!
Example: Oregon State vs Arizona State game Oct 8. I was able to sit about 12 rows above the end zone, with nobody in front of me. Not knowing where the action might be, I pre-focused on the end zone letters near, middle, or far, as the action advanced towards our end of the field. I kept the zoom in mid-range, thinking I could crop later. This is OOC jpg, with no cropping or manipulation. One of many touchdowns that day!
In case the EXIF does not come through: E-P3, 14-150 @ 52mm, ISO 640, f/7.1, 1/3200 sec, bias -.3 stop, IS-1, A-mode, hand-held, 5 fps.
In answer to OP question, I think this is a very good walk-around lens! Sharp and versatile.
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Ken610