Pancake lenses are designed to offer a much slimmer profile than a regular lens, with just a small compromise in maximum aperture. This 17mm f2.8, then is a classic example, and the 2x focal factor of the Micro Four Thirds format means that it’s equivalent to a 34mm, which is pretty much a standard focal length for the kind of candid, informal photography that made old-fashioned rangefinder cameras so popular.

Make no mistake, though – this is a thoroughly modern lens, which brings both plus points and minus points. The latest design and manufacturing technologies mean that the optical performance is higher than anyone would have expected from a lens of this type in years gone by. The Olympus is very sharp even at maximum aperture and reaches a peak resolution at f5.6-f8 that you rarely see outside full-frame digital SLRs. On the other hand, there is a hint of barrel distortion and some degree of chromatic aberration at the edges of the frame, and both are a slight disappointment on a fixed focal length lens. The levels of both, though, are way below what you’d get from a zoom lens.

Olympus has worked hard to keep both the size and the weight right down, and it really is a remarkably slim lens which complements the look of the E-P1 perfectly – a bit more so than Olympus’s 14-42mm zoom, certainly. One odd thing, though, is the way the lens extends when you start up the camera. It’s only by about 3mm, but you can’t help wondering why it’s necessary at all. After all, another 3-4mm on the depth of the lens wouldn’t have hurt, surely?

There’s another reminder that this lens isn’t quite like the classic pancake lenses of old – there’s no distance scale on the lens. There is a manual focus ring, but without a distance scale its value is limited, and there’s no way to quickly set the focus manually before you shoot. For the same reason, there are no depth-of-field markings, either. Optically, this lens might outperform older lenses, but it does have some operational shortcomings, which mean it doesn’t have quite the same speed and hands-on usability.

The silver finish on our example perfectly complements the silver/white finish of the E-P1, and the build quality is good, too. The focus ring is perfectly smooth and without any kind of play, and there’s a metal lens mount at the back. Filters screw into the central (extending) barrel, and this doesn’t rotate during focusing, so you won’t have any trouble using polarisers or graduated filters.

The autofocus isn’t particularly fast, but this is more to do with the E-P1 body than the lens. Even if your subject’s distance hasn’t changed, the camera seems to go through its full focus travel as it re-checks the focus.

The best way to get this lens is as part of the E-P1 twin-lens kit because on its own it is fairly expensive, and all the more so when you compare it to Panasonic’s own 20mm f1.7 pancake lens. There’s only a few pounds difference in price between the two at most outlets, but the Panasonic lens is over a stop faster and only 3.5mm thicker (coincidentally almost exactly the distance by which the Olympus lens extends when you switch the camera on), and just as good optically.

Nevertheless, the Olympus 17mm f2.8 makes a really great companion for the E-P1, mirroring its classical design perfectly – and this will be a major selling point for anyone who’s chosen an E-P1 precisely because of its wonderful retro look.

Final Verdict It doesn’t feel and handle quite like a classic pancake lens, but the Olympus 17mm f2.8 makes up for it with its slim line design, light weight and high resolution. OVERALL

Our lens reviewer, and technical expert, Rod is a veritable photographic encyclopaedia. His illustrious CV has seen him write for many mags, websites and journals.