It depends. The Olympus E-1 can come both with the 14-54 (this lens), or the cheaper (not weather sealed, not as fast and not as close focussing) 14-45 lens. With all other Olympus bodies the 14-54 is optional.
I got a little time to take some pictures on Sunday. It was getting late and the wind was blowing, this guy was being blown around like a cowboy on a bronco. I really like the 14-54 for these close shots. http://www.pbase.com/camon/e1_gallery
The 14-54 came with this camera as a kit but normal lens is the 14-45. With the recent price for the Olympus E-1 adding the 14-54 and a 50-150 still comes in at around $1000.us. Great deal. Thanks to all for nice comments Keep Focused http://www.pbase.com/camon/e1_gallery