First up, what lenses do you have at the moment? I've used several Pentax primes (K24, M35, M50) on my GH2 with a Fotodiox adapter (very cheap, it's just a metal tube...) and they perform wonderfully.
Here's my flickr set for adapted lenses - mostly shot with the SMC M50/f1.4. 50mm primes make great portrait and general short-tele lenses on Micro Four Thirds, so if you don't mind manual-focus and you already have a couple, this will save money in the short-term.
My general suggestion, given that you seem to be on quite a budget and you like to be mobile:
GF1 - 2nd hand
m.ZD 9-18
or Lumix 14/f2.5 (depending on how small/wide/fast/cheap you want to go) - 2nd hand
Lumix 20/f1.7 - 2nd hand
manual legacy 50mm
This will give you decent speed and range, excellent IQ, and will fit in a very small bag and weigh bugger-all
If you need/want a tele, I'd get a 2nd-hand m.ZD 40-150 MkI (they just released a MkII 'R' version) - people often get these as a kit and then sell cheaply to upgrade to the longer zooms. I honestly can't think of any other lens in any system that gives this kind of reach and quality in such a compact package... Here's some images I've taken mine:
P1040154 | Flickr - Photo Sharing! P1030576 | Flickr - Photo Sharing! P1010228 | Flickr - Photo Sharing! P1010229 | Flickr - Photo Sharing!
Also, the GF1 is a bit of a classic and hasn't really been replaced yet, so they hold their 2nd hand value quite well. You may find a GF2 cheaper. The Olympus EPL1 can also be found
very cheap and arguably has better IQ than the early Panasonics (in jpeg anyway...) - it also has in-body image-stabilisation.
Originally posted by ytterbium One of the things that makes me concerned, is that there are no real MICRO 4/3 zooms.
There's several actually (these are all native mounts, designed specifically for Micro Four Thirds). Remember that you get 2x field of view compared to full-frame (in brackets), whereas your K200D will give 1.5x:
- m.ZD 14-150 (28-300mm)
- m.ZD 40-150 (80-300mm)
- m.ZD 75-300 (150-600mm)
- Lumix 14-140 (28-280mm)
- Lumix 45-200 (90-400mm)
- Lumix 100-300 (200-300mm)
These are all decent quality, and some are excellent. The m.ZD 40-150 is amazingly compact, fairly cheap and fairly sharp. I've used it with great success on my Panasonic GH2.
The Lumix 14-140 has very good performance for a super-zoom, but it's expensive and quite big. The newer Lumix 100-300 has a great reputation and gives a huge amount of reach in what's still a fairly small package (compared to APS/FF) - BHPhoto has them discounted at the moment too...
The issue is that there's no fast Micro Four Thirds zooms...
This means if i want a longer lens i wont be ending in a much more compact system, just a lot more inconvenient shooting (4/3 adapter, large lens, small camera etc). Even worse is that if i cant afford Oly lenses, most third party products are basically APS-C or FF with 4/3 mount, making them exactly as big as my current gear.
I'm not sure what you mean here, there aren't any third-party zooms for Micro Four Thirds. The only native third-party lens at all for MFT is the Voigtlander 25/f0.95.