Any idea if the 14-42ez is any better than the standard 14-42? i.e which one should I aim for?
I've owned both.
The EZ is the one to buy if you want the smallest package possible.
If you buy the optional lenscap, it has a hutter that opens when the lens extends, just like a P&S camera. The cap precludes leaving a lens hood or filter on the lens, though. There is no dedicated lens hood anyway. It focuses closer then the 14-42IIR. The zoom is electric. What looks like a zoom ring is really just a switch, turn one way to zoom out, the other way to zoom in. Setting a precise focal length is difficult. The focal length is only displayed while zooming, disappearing a few seconds later. A camera menu item called "lens reset" controls what focal length the lens is at when powering on the camera. Reset ON, it always comes up at 14mm. Reset OFF, it actually remembers the last focal length used. In the OFF case, you could zoom to 25mm once and until you move the zoom ring again while the camera is on, it will power up to 25mm every time.
The 14-42IIR is larger of course and the zooming is manual so easier to control. You can always see what the focal length and preset it before you shoot. The lock switch is only needed to
collapse the lens so there's no fumbling with the switch to extend the lens causing you to miss a shot.
As far as the IQ, I found them to be the same, really. Both take 37mm filters (the only Olympus lenses that share that filter size are the 17/2.8 and 45/1.8)
So buy the 14-42 EZ if:
-- need the smallest size lens possible
-- you like electric zooming
-- you like the idea of the auto lens cap (but it's optional)
-- you need to focus as close as possible
Buy the 14-42IIR if:
-- you like manual zooming
-- you like having a reversible, bayonet lens hood (but it's optional)
-- usually cheaper than the EZ when bought used
I would only buy either lens as part of a bundle. Both are about $100 in a bundle, $300 (too much!) bought by itself.