Image on top shows the Olympus 14-42mm f/3.5-5.6 which is going to be replaced soon with the “IIR” version.
Olympus will not only announce two new lenses (the 12mm f/2.0 and 45mm f/1.8) but also one (or maybe two) reworked kit lenses! There will be certainly a new 14-42mm IIR lens. It has the same size and optical design of the current Olympus 14-42mm f/3.5-5.6 kit lens. But the new “IIR” version boost the autofocus speed to much higher (I repeat “much”!!!) speed than the Panasonic GH2 + 14-140mm combo! It is so faster that you “feel” it. It’s not just a marketing “blabla”!
One of our sources also told us that there will be also a new 40-150mm IIR coming too. But that has to be confirmed by other sources. Your older lenses will also focus faster on the new PEN but not as fast as you can do on the new lenses.
In summary, Olympus will announce three cameras (E-PM1, E-PL3, E-P3), a new Flash, two new prime lenses (12mm and 45mm) and two reworked zooms (14-42mm and 40-150mm). Is there somehting else Oly? :)