If true, this will be a big leap forward for mirrorless systems. No waffling.
Note too, the power zoom for video fans.

http://www.43rumors.com/ft5-hot-image-leak-panasonic-new-14-42mm-is-a-pancake/

Cheers,

Rick

And here it is.

http://dpreview.com/previews/panasonic_x_14-42_3p5-5p6/

While targeting the video-centric shooter, if it's as sharp as Panny implies it will be a very attractive compact zoom for still photographers. Smallest zoom I've ever seen for a system camera. On a GF3 body the combined weight will be a scant 359g/12.7 oz. Remarkable.

Cheers,

Rick

I have to say that the Panny shooters have had a great lineup of lenses and this one is really nice. I typically restrict myself to the 16mm prime on my NEX because of it's small size but it means that many of my portraits are so-so. With a 42mm that would change things quite a bit. I'm not changing my system, but wish Sony could put a little more effort in competing with Panasonic. I could always buy a Pentax 40mm 2.8 Prime and use my adapter but it's a lot more work. I'll just keep whining.

This lens is the one! Extremely compact and light and Pana claims that it has better image quality.

I've been waiting for micro four thirds or NEX to mature and they are getting there. I'd been leaning towards the new PEN Micro in part because the Oly 14-42 is smaller than the Pana equivalent and the PEN 14-140 zoom is much lighter than the Pana or NEX alternatives. But this lens pushes me towards the GF. Finally a great camera system that is light enough to put in a pack!

The Pancake zoom was made official yesterday and with that Pana announced their "premium" 45-175mm (90-350mm) tele zoom.
This is a 3.5", 7.4oz lens (90mm,210g)
http://www.dpreview.com/news/1108/11082612panasoniclumix_x_45-175mm.asp
If you can put up with the max aperture, the above duo sounds pretty good to me.
Franco

Very nice. I'm going to have to jump in now! Probably with the Olympus system as I have to have an EVF and I believe that the GF3 doesn't allow for one to be used. This lens combined with a fast prime would be very sweet system.