I bought this as a replacement for the M.Zuiko 14-42mm f3.5-5.6 IIR lens, which came included with my E-PL6. With the EZ on the E-PL6, the camera is almost as small as a typical point-and-shoot camera. Combined with the auto-opening cap (which you have to buy separately) it makes the camera quite convenient to carry around like a typical point-and-shoot.
The optics on the EZ are a little crisper than the IIR. The EZ is also able to focus on objects a little closer to the camera. The only downside of the EZ compared to the IIR that I can see is the zoom lens on the EZ are driven by an electric motor or servo, while on the IIR they are manual.