The distortions of the 14-45 is 'perfect' on my cam, so it should be working.
i hv seen the 'uncorrected' version of the lens, so I am sure on my e-p1 jpgs are corrected!
I rather the panny 14-45 over the oly14-42 anytime.
I guess the m4/3 standards involve 'in-camera' processing since firmware of the lenses can be updated.