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It does great, as with most lenses as long as you compensate for the light. I find a +.5 to +1.5 range of ev works for most snow scenes. Also I use WR gear instead if its windy or snowing.
Here's a K-5 & DA40 ski image.
IMGP2433.jpg by Matt Burt, on Flickr

Yeah, it's been great for me. I love the K-x da40 combo in my big front pockets of my soft shell. But you need to be reasonably confident you won't be landing on it - mostly for the sake of your ribs! I have taken zooms like the kit or a faster/bigger one but then I want to use my front pack to carry it. If the scene is dominated by snow try setting +1 or +1.5 ev so the snow comes out white instead of gray. But remember to change back for scenes with more trees or rocks because then the snow will blow out. I find shooting raw helps too. Have fun!

Hey Matt, I saw all your photos in the snow with the 40mm and 15mm. I have a K-x, 40mm, 18-55mm and I am going skiing soon; does the K-x or 40mm handle well in the snow?