The Olympus M.Zuiko 14-42mm f3.5-5.6 II R ($299.99 direct) is the standard starter lens that is bundled with Olympus Micro Four Thirds cameras like the PEN Lite E-PL5 . You can generally buy it bundled with that camera or the PEN Mini E-PM2 for a very modest ($30 to $50) premium, and at that price...
Impressively sharp for a kit lens; Minimal distortion.
All-plastic build; Lens hood not included.