The camera comes with a 14-42 lens (which is equivalent to a 28-84mm) I find it to be a fine lens for my purposes. But as with all lenses, the quality of the shot goes down on edges of the wide angles and zooms are less quality than fixed lenses.
Comparing it with my Fuji P&S. It takes much clearer and better quality photos. (I've made some very nice 8x10 blowups from my Fuji too!) The Olympus can be used more or less as an easy P&S. There is a setting knob on top of it that has two auto settings, an aperture priority, shutter priority and manual settings too. You can control everything on it like an DSLR if you want. So much to learn - but only if you want.
Basically, I just wanted something easy to shoot with that was higher quality than my Fuji. With just a quick look at the lenses for the 4/3rds cameras, I didn't see anything better at the price than the 14-42 that comes with it.
I guess my only other suggestions are 1) you're going to have to re-learn how to hold this camera to make it feel comfortable in your hand - it's possible - and 2) do NOT ever touch the view screen on the back. Your skin oils are a pain in the rear to get off of it once it's on there.