Olympus 14-54mm f/2.8-3.5 Zuiko ED Digital

Product Features

* Specially treated to shed water droplets, and engineered to withstand the rigorous demands of professional use
* Designed to capitalize on the design advantages of the OLYMPUS Four Thirds System
* Large f/2.8 - 3.5 aperture, with minimum weight and bulk
* 14-54mm range -- equivalent to 28 - 108mm in conventional 35mm photography
* For use with the OLYMPUS E-1 and other Four Thirds Series Digital SLR Cameras, as specified

Technical Details

* Focal length: 14 to 54 millimeters zoom (28 to 108 millimeters for 35mm equivalent)
* Lens construction: 15 elements in 11 groups, including 3 aspherical elements
* Lens mechanism: Inner focus with floating mechanism
* Angle of view: 74 to 23 degrees
* Closest focusing distance: 8.67 inches
* Maximum image magnification: 1:4 (1:1 35mm equivalent)
* Maximum aperture: f2.8 wide to f3.5 telephoto
* Minimum aperture: f22
* Number of blades: 7
* Filter size: 67 millimeters
* Compatible with teleconverter EC-14: Yes
* Compatible with extension tube EX-25: Extended maximum image magnification; x 1:2.1
* Dimensions (L x D): 3.4 x 2.8 inches
* Weight: 15.3 ounces
* What's in the box: Zuiko digital 14-54 millimeter zoom lens, lens hood (LH-70), lens case (LSC-0816), lens cap (LC-67), lens rear cap (LR-1), instruction manual, and warranty card

This lens is completely different from the 14-45 kit lens. Not in the same class at all. This lens provides better color saturation, more accurate and pleasing tones, better contrast, faster focusing, and a wider aperture. In general, this will give you considerably better pictures than your kit lens. How much better?
On a scale of 1-10, (1 being point-and-shoot lens/image quality and 10 being outstanding), I'd give the kit lens about a 4 and this lens about a 9) The 10 slot is reserved for the 11-22mm lens which is crazy sharp! But that's another review for another day.
It's not all about image quality though. There's a lot to be said for the wider aperture size of this lens. You'll be grateful for a faster lens when you're taking those tricky-lighting shots, or when you want to speed up your shutter to freeze motion, and you're indoors with poor lighting. That wider aperture will save you!
Seriously, get this lens. You won't regret it when you see how beautiful your pictures are.