Well actually not that close, the 14-42 lens that came with the camera is not quite as versatile as the 14-42 Olympus lens that came with my E-P1.

The closest focussing distance depends on focal length (the Olympus version doesn't) so for closeups it's not so good.
However it comes with a lens hood, and the front element doesn't rotate while focussing so it can work with a polarising filter.
So that's two feature points in the Panasonic's favour.