The kit may look expensive in isolation but IMVHO if you compare MFT to similar spec Nikon and Canon stuff a bit of reality strikes. For example there is no direct Canon equivalent for this new Panny, but in FoV I suppose a 24-70mm f2.8 is the best comparison and despite not having IS it's a lot more expensive and begins to put the Panny price in a little perspective.
It's not just the price that's moved upwards as although I obviously haven't handled the new lens yet I'm sure I read that it's construction feels more "expensive" with metal construction. Found it... This is what DPR say...
"The 12-35mm marks a departure from previous Lumix G lenses in terms of construction. The rear segment of the barrel between the zoom ring and the mount is made of metal, as is the manual focus ring with its finely-milled ridged grip. This immediately gives an impression of build quality that Panasonic lenses have recently lacked. The 12-35mm is also Panasonic's first lens with any kind of environmental sealing, although it's unclear whether this extends beyond the slim rubber seal that encircles the lens mount.
This impression of a quality product is reinforced by the wonderfully-smooth zoom ring action, that rivals Canon and Nikon's top-end lenses for its silkiness of operation. It rotates about 80 degrees between the wide and tele positions, which allows you to fine-tune your compositions with some precision. The electronically-coupled manual focus ring on our-preproduction sample doesn't have quite the same smoothness of rotation, but it does offer extremely accurate manual focusing with a remarkably well-tuned tactile 'feel', which is all that really matters."
Personally I'd like to have seen three fast quality primes, a macro and a set of three quality zooms much earlier but unfortunately for me the system seems to have been aimed more at the entry level with repeated relatively slow and cheapo kit type zooms rather than a Fuji X Pro 1 type approach and market. What we're getting now is more choice with higher spec bodies and lenses becoming available. For someone like me, fitting your profile somewhat (retired two years ago at 49 with more money than I'll ever spend) the system is at last turning into what I always wanted it to be - a genuine alternative to low to mid and even more top end DSLR's and lenses although to be truly a direct replacement we'd have to see lenses with much wider apertures and we're not going to get the likes of a 25mm f0.75 in my lifetime but if all you want is an entry to mid type body and kit lens then that's been available for some time.
Choice is good