My walk about camera is an OMD EM10 Mk1 which is fitted with the 14-42mm EZ lens and the Olympus grip. It's my favourite camera, a pleasure to use and makes much more sense for casual use than my EM1 Mk1 or GH3. I also have a Pen EPL-6 which is fitted with the Panasonic 12-32mm lens, I use this when touring on my motorbike where any camera is subject to a lot of vibration on the bike, I don't need to feel too precious about this camera suffering any damage. I also have the other lenses you mention and these are my thoughts:
The Panasonic 12-32mm lens I find to be really good for such a compact and lightweight lens, which is usefully wider than the typical 14-42mm kit lenses. At £90 it is worthy of serious consideration.
The Olympus 40-150mm lens is also a very good lens for the cost, considered by many to punch well above above it's weight for image quality and normally available secondhand at a very reasonable cost.
The Panasonic 14mm lens I am not so thrilled with, in my humble opinion it doesn't offer any significant advantage to the 12-32mm lens zoomed to 14mm, a fraction more light captured but quite slow to focus.
The Olympus 45mm is a very nice lens indeed, ideal for portraits, but otherwise of limited use with that specific focal length.
The OMD EM10 Mk1 or the Mk2 are both excellent cameras for around the £200 to £300 price range secondhand and sometimes new, but the cameras come with the usual caveats relating to the contrast detect autofocus which does not match phase detect cameras. The scope for video is limited by the autofocus. I maintain that the image quality from the Pen, EM10 and EM1 are essentially the same, the higher end models have more features and such as better image stabilisation which might permit shooting to continue as the lesser models become more challenged by the available light.
Oh no not more photographs! by Terence Rees, on Flickr[/URL]
bokah at f2 by jeff and jan cohen, on Flickr
the angel and the wasp by jeff and jan cohen, on Flickr
