Have had:
2- e300
1- e500
2- e510
1- e1
1-e420 (smallest of the lot)
1 panasonic L1 with the Mega OIS 14-50mm 2.8-3.5
all the kit lenses
The e300 and e500 AND the E1 are desirable for the Kodak sensor (color rendition nicer).
The 500 was a "tweener"... between the Live View of the 330 and the in body IS of the 510. It is off on price, but still has a nicer color rendition than the later sensors.
The real sleeper is the E-1 for it's color, but it's 5 Mp and most are put off by that.
The 12-60 is, from all accounts, a great lens, but was not a standard kit lens. The kit lenses for all the consumer models were 14-45 1st and second version and the 14-42. the long kit lens was the 40-150 also in two versions. All three of the kit lenses were better than most other manufacturers kit lenses but never met my requirements. They are, in fact, poor compared to the 14-54, 12-60 and 14-50 panasonic with IS.
For less money than the 12-60, the SHARP kit lens that came with the E1 was the 14-54mm. That lens is now selling for around $300 as opposed to much higher prices for the 12-60. The Panasonic 14-50 was equivalent to the 14-54 and the 12-60 and had "in lens Image Stabilization". However, it was a big lens.
I have used legacy OM Zuiko lenses on all my 4/3 cameras with great results. There are adaptors for LTM, Leica M, Minolta, Canon FD, and the list goes on. Aftermarket adaptors are good, and there are even adaptors with focus confirmation on the manual focus. My favorite Manual Focus lenses are a Zuiko 1.4 50mm and a Tamron (Oly mount) 35-80 f2.8 macro zoom.
The site you may want to visit is the Wrotniak site. He has done exhaustive reviewing and setting tweaking on all the Oly bodies and lenses.
www.wrotniak.com as I recall. I never had highlight clipping problems with my 510's, but I used Wrotniaks settings and advice on setting up the cameras.
The new Oly's have been coming out so fast that body prices are dropping a lot. I'm considering another E1. A bit bulky, but weather sealed and incredible image quality due to the Kodak sensor, notwithstanding the 5 Mp.