Primes: I have the Lumix 14mm and see no reason for it to go anywhere. The DA Limiteds rule at 40 and 70mm, no reason for that to change. I have Pentax 100/2.8, 135/2.5 and 200/4 that can stay - perhaps. We'll see how that works out when sales begin on the Pentax kit.
Zooms: the 12-60 is the mainstay of the system and will serve 90% of my needs. Having looked into the longer range, I only see a rare need for more than the 45-150 that I currently own. The Olympus 70-300 is a nice range match for the 12-60, but its price and slow f/6.7 tele end is not friendly. That's the M.Zuiko which is specific to the micro 4:3 system.
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More nice features about the monster tele: 1:2 macro focus and 58mm filters just like the 12-60!
Note: after tests on several µ43 bodies I must conclude the takes of CDAF compatibility are .. well, WRONG. Manual focus is fine and focal-length data is transmitted to the IS system. No autofocus without phase detection though.