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Here it is, folks: your heretofore missing µ4/3 portrait lens. And what a marvelous little gem it is.
Why would you want this lens? Well, it's 45mm, and it's f/1.8, a combination which allows you to generate some serious subject isolation with its relatively shallow depth of field. This is the "DSLR blurry background look" that many people crave, and it's very difficult to pull off with most existing µ4/3 lenses (due to their generally slow speed combined with µ4/3's smaller-than-DSLR sensor).
Of course, f/1.8 isn't just there to isolate your subjects; this represents a dramatic improvement in low light performance when compared to any other native lens in this focal length. Your kit lens, for example, probably hits f/5.6 by here; this little guy lets in *nearly ten times as much light*. So you can use much faster shutter speeds and lower ISO, making low light shooting much more viable (since µ4/3 high ISO performance is lacking, fast lenses like this are crucial to make up the difference).
So, that's what it's for. Now the questions: how does it perform? Is it worth the cost? Let's look at the details.
form factor / exterior: it's very small. Its length is just longer than the original Olympus kit lens and just shorter than the current kit lens (when collapsed), and the barrel is much narrower than either in diameter. This is the 3rd Olympus lens to use the new silver styling, and I must say that it looks great on an E-P3. The lens is made out of plastic, but it's good plastic, and thus far I have no concerns about construction quality. The focus ring is massive and operates very well, much better in fact than any other Olympus µ4/3 lens that I've tried (presumably the Olympus M. Zuiko Digital ED 12mm f/2.0 would best it, but I've had no opportunity to use that lens yet). The large-ish front element is gorgeous.
image quality: well, I can tell you that it's superb, but if you have any doubts you should look for the scientific reviews on the 'net that give you LPMs and MTFs and all that jazz. I looked at some of these reviews and they will tell you numbers that match my experience in practice: this lens is great. It's tack sharp even wide open, and I've yet to feel any inclination to stop down for sharpness. This guy is made to be shot at f/1.8; do not hesitate to do so.
autofocus: oh, yes, this lens focuses very quickly indeed! I've heard that it is slower on older bodies (I have not tried it on my old E-P2, yet) but on my E-P3 there is simply no rival. In good light this thing focuses every bit as fast as more expensive lenses on my DSLR, and with incredible precision thanks to the µ4/3 CDAF system. It's also very quiet, making it a great choice for video, although continuous AF is still not comparable to that of a DSLR (which is a design limitation of CDAF, not this lens specifically).
lens hood: absent. Hmm. Well, this lens is small enough to easily shoot one-handed, so you can always shade it with your left hand. If you want a hood, it is available for a hefty premium, which leads me to my final point...
price: ouch. To be fair, this is a brand new lens, but the steep MSRP (which it currently sells at or even above) is really the only thing I can find to complain about. Give it a year and it will come down, perhaps, but this is a lens that I wanted to own very badly, and so I found this price acceptable.
Bottom line:
If you're trying to save a buck it will surely get cheaper over time, but ultimately this is a lens that every serious µ4/3 shooter will want to own. Get this, the Panasonic LUMIX G 20mm f/1.7, and a µ4/3 body, and I dare you not to fall in love with the kit.
With this lens, µ4/3 has finally fully arrived.
**** Update 2012/09/24 ****
Has it been a whole year with this little gem? Looking at my calendar says "yes, it has" so I figure a brief update is warranted.
despite the plastic build, it's held up quite well physically. Zero issues.
I bought a knock-off lens hood for this thing on Amazon due to some flare that was occasionally evident shooting in broad daylight. Seems silly to have to buy something like that on the side come on Oly, throw us a bone and throw it in the box.
At this focal length f/1.8 is fast enough for any subject isolation I need. Yeah, it's not full frame, but it's good enough for me, and likely good enough for most.
You'll really want to have an ND filter for this. Since current M4/3 bodies normally max out at shutter speeds of 1/4000 and cap out around 200 ISO, you'll find yourself stopped down in broad daylight without one.
I find myself carrying an E-PM1, this lens, and the Panasonic 20mm f/1.7 lens quite frequently. One lens easily fits in a jeans pocket, while the camera and mounted lens go in a small pouch (or, now that fall is upon us, jacket pocket). I could hardly ask for better in something so small.
The Olympus 75mm f1.8 High-Grade Portrait Lens has arrived as well, which you might consider as an alternative to this lens. If you're looking for more working distance between you and the subject, it would surely be a better alternative. Of course, that lens is in a whole other price bracket (not to mention the added size and weight of the metal construction), so the little wonder here will remain a better option for many.
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