I don't have the 12-40, but I've used the 17mm and 45mm as walkaround kit in a city.
The 17mm is great from a handling perspective - the focus clutch even works really well when I want to focus in the dark without the focus assist lamp coming on. It's small and light - it's shorter than the 45mm (with aftermarket hood), and lighter/smaller than the PL25 (with hood), making it incredibly easy to carry/swing around. In fact, on my trip to Cambodia, after carrying around my 14-54mm for 8 hours, I ended up using the 17mm as my backup lens much more often than my 12-32.
The lens is lightning fast to focus - probably similar to the 12-40. It's faster than any of my other m4/3 lenses, including the 45mm, PL25, and 12-32, none of which are slouches in the focusing department either.
From a sharpness and IQ perspective, I feel it's pretty much a wash with the 45mm. They are both pretty sharp from wide open, so the extra stop over the 12-40 is very usable. This is in contrast to my copy of the PL25, which is absolutely phenomenal at f/2.8-5.6, but softer at f/1.4 - of course, what I perceive as softness may also be due to high ISO noise (only go bigger than f/2 when I'm expecting ISO1600 or higher). I'd give an edge in contrast to the 45mm, but I don't have any complaints about either from that perspective.
I thought that I wouldn't use my 17mm after I got my PL25, but I end up using both in tandem on my two bodies. If the 17mm and PL25 are 'just different enough' from a handling perspective, then I'm going to bet it'll be a very nice change from the 12-40.
Hope this helps (somewhat).