Flash and/or Moving Subjects?
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Others have basically said as much, but I think the answer depends on what you're shooting, where, and what nobody else has mentioned yet: if you're a flash user or not.
If your subjects are mostly static and/or you're a bright-light shooter and/or use a flash, the 12-100mm can't be beaten. Yes, the depth of field with the 75mm will be more shallow, but the 12-100mm has a shallow depth of field that is suitable for portraits and subject isolation from about 35mm and onwards; I generally stop down around 75mm and longer because the depth of field becomes too shallow for my tastes otherwise.
At 100mm and f/4. The background isn't blown away completely but pleasantly fades out, and there is no doubt what the subject of focus us.
The lens is also ridiculously sharp, doubly so when you consider that it's a "superzoom." That further helps with subject isolation and pleasing details.
I favor the f/1.2 lenses for indoors, natural-light shooting, but I've also put on my 12-100mm with my flash and can get by without difficulty indoors, as well. (I'm just not as skilled with using a flash, and favor natural lighting partly for that reason.)
The image stabilizer is pretty impressive, especially so for video. Olympus claims about one added stop of stabilization when paired with a body that support dual-IS (so basically, an Olympus OM-D body), and from what I've seen from websites that tested the claim, it's not an exaggeration.
If I could only own one lens for µ4/3, this would be the one. It's just so versatile, and it's sharper than some of my primes (the 25mm f/1.2 comes to mind, which was shocking to me).
47mm and f/4. Still strong subject isolation, although granted, a bit closer to the subject here.
The 75mm f/1.8 is a very specialized lens, by comparison. It's a bit of an odd focal length to be locked to (although I know some swear by it). The only reason I'd consider it would be if you absolutely need a faster lens (a little over two stops faster) for the light-gathering capabilities and maybe if you absolutely need an even shallower depth of field... and perhaps if you want a lens in silver coloration. In addition to losing the massive zoom range of the 12-100mm, you give up weather sealing.