When you're buying an slr camera, you're really buying into a lens standard. Nikon and Canon would be generally regarded as top of the heap. I'd research into the Four Third lenses before buying. I remember when they were launched, the variety of lenses wasn't great, and the reviews of the ones that were about were variable, and I seem to recall them being pricey.
For general shooting I'd prefer a lens with a longer focal length - I've an 18-70mm lens which is ideal for general purpose shooting. The 14-42mm wouldn't provide much zoom.
You can see a review of the camera [broken link removed].
I just had a look at the pros and cons at the end, and it seems to be a good camera, but small. When I was shopping I was all set to get a Canon based on reviews, but when I picked it up it felt too small and dinky in my hands - the Nikon I was also looking at felt much better, so I bought the Nikon. If you can, get into a camera shop and try it out, and a few of it's competitors too.