I've cleared the shelf a bit (and thinned my wallet) by trading three DA lenses for the new 18-135WR. Reviews indicate it's at least as good as the 18-55 plus is weather sealed - so off go the 16-45 and new 18-55 along with a little-used 55-300. This idea was contemplated earlier, but I feel the Pentax side of things has been neglected; this might help me decide whether my future is Pentax or elsewhere. I still have the 50-200 for longer reach, and perhaps some day either a 10-17 fisheye or their magical 15mm Limited will appear in my collection.
On the m4:3 side I picked up a great deal on the Olympus 40-150. This is small compared to the 45-200 but will not be stabilized on my G1 - so fair weather only. Initial tests are as expected: great optics, easy to carry, a risk of motion blur if I'm not careful.