Compact, lightweight, fast autofocus, effective stabilization and excellent sharpness. No light reduction issues.
My primary camera and lens combo is Nikon D200 with a $ 1300 17-55mm f/2.8 standard zoom, so I'm used to pro-quality lenses for excellent edge to edge sharpness, neutral color, consistent brightness across the frame, very little flare, etc. I bought the Panasonic GF1 and 20mm f/1.7 as a more portable alternative to my DSLR. I carry GF1 every day, so I shoot with my M4 / 3 switches a lot.
About the only negative I can say about his lens is that it has a variable aperture, but it is what every consumer-oriented standard zoom lens has. The variable aperture, I think it just might open up to f/3.5 (which allows more light) at the wide end of zoom. At the long end, it can not open wider than 5.6. A constant fast f/2.8 aperture would result in a much larger, heavier and more expensive lenses like my Nikon 17-55mm f/2.8. While my Nikon may be a better zoom in low light, and to get shallow depth of field is the Panasonic 14-45mm f/3.5-5.6 much easier to carry. The O.I.S. stabilization helps in low light, but stabilization can not stop the action much faster shutter speed (from a larger aperture) can. The picture quality is excellent. I would still say that the 20mm f/1.7 is the lens through which each M4 / 3 users should take, but I can bring 14-45mm up there with it in terms of versatility. The construction quality is good for such a cheap zoom. I have seen DSLR kit lens that felt cheaper, and some who felt more robust. Panasonic has a newer 14-42mm kit zoom, which is supposed to be even cheaper and has a plastic bracket instead of the metal fitting of this lens. Based on reviews I'd say go for the 14-45mm. IQ of 14-42 is probably not so different, but the price is not that different either. Olympus also has a 14-42mm, which locks into a shorter length for transportation, but it has not stabilized since Olympus cameras use built-in camera instead of the lens.
I have used 14-45mm for landscapes, architecture and street photography, flowers, people, dogs, etc. I have written as much as 13x19cm and the picture quality is really very nice. Similar lenses I've used including the Nikon 18-70mm f/3.5-4.5 and Nikon 18-200mm f/3.5-5.6 VR. Panasonic 14-45mm compares really well and I would say it is more consistently sharp than the Nikon Super Zoom (18-200). The good thing about the Panasonic is that distortion and chromatic aberration are corrected automatically in the camera for both RAW and JPEG. So the lens is probably worse than it looks, but you would never know it looking at the final result ... unless you use a RAW converter that does not support patch info in the RAW file. Adobe Camera Raw, Lightroom and Photoshop does.
The 14-45mm comes with a nice little hood that can be stored in the inverted position for transport, and of course it includes front and rear lens caps. GF1 is not quite so compact that use 14-45mm which is 20mm, but it is still a well-balanced combination. I can wear GF1 with 14-45mm comfortably around the neck as well. Zooming is smooth, manual focus is smooth, and it is a nice area for a zoom. I would prefer to sacrifice a bit of reach of little wider at the other end, but I think there's always 7-14mm and Olympus 9-18mm. 14mm is wide enough for most purposes. I carry this lens almost every day with my GF1 and 20mm. It is a great little combination.
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