After years of shooting Canon APS-c, six months ago I purchased an Olympus E-M1 with the Oly 12-40 f2.8 PRO. The lens is really impressive. I love it.
I wanted a longer lens and have been tempted to go for the 40-150 PRO, but the cost, size and weight have given me pause. I've wondered just how good (or bad) the really inexpensive Oly 40-150 f 4-5.6R is. It has always been really inexpensive, but recently, Oly has slashed the price in half to only $99 US. That's right. Only $99. It was too good a price to pass up giving it a try. I've purchased and tested it, head to head, with the 12-40 PRO at 40mm. Maybe I received the best copy they've ever produced, but my copy is extremely competitive with the 12-40 PRO at 40mm! At 1:1 pixel peeping, with no adjustments except equal clarify and sharpening (my standard import settings in LR), the 12-40 PRO is only very slightly sharper at equal apertures. But they are virtually identical if I stop the 40-150 down one more stop. Ie, 12-40 @ 5.6 = 40-150 @ 8. I've also tested it at 70mm and 150mm. Very pleased with these results also. Minor vignetting wide open, gone one stop down. Very minor CA, only visible in some images, not in others. LR easily deals with both issues.
Yes, it is light, "plasticy" construction that doesn't feel anywhere near as substantial as the PRO lens, but my, oh my, it is only $99! Easily the best value of any lens I've ever owned.
Brad