Kit lens is 14-42mm or 12-50mm. You can also but camera alone and get any lens you want. I bought mine last year with the 12-50mm and have been very happy with that lens. Any way, you won't be sorry. Great camera!
This is a system camera that shares the lensmount with Panasonic. There are great zoom lenses and prime lenses available. You can save a lot if you know what you want at purchase time. Olympus may offer rebates on lenses. These may vary depending on the country you live in. The 12-50 is weather sealed. Most other lenses are not. This lens has some macro ability and reputedly is a good video lens.
There are a number of lenses available for this camera. The one I chose was the 12-50 mm Zuiko Digital f/3.5-6.3. It's ideal for every day shooting plus the added bonus of a fine video lens. The price range is around $500. If your budget is a little tight you may also consider the 12-42 mm Zuiko Digital f/3.5-5.6. The price range is around $300. Either one of these lenses can be ordered at the time of purchase of the camera. I hope that this is helped you in your selection, you will enjoy either one of these products.