Olympus 14-54mm f2.8-3.5 is an Auto Focus (AF) Standard Zoom lens with FourThirds max sensor coverage. When mounted on a FourThirds sensor camera, it will give you an FF equivalent focal range of 28 - 108mm. With a max aperture of f2.8, this lens is fast on wide end and equally fast at 54mm with a max aperture of f2.8.
Olympus 14-54mm f2.8-3.5 is weather sealed which makes it an ideal lens for outdoor use, especially when coupled with a weather sealed camera body. Olympus 14-54mm f2.8-3.5 was replaced with Olympus Zuiko Digital 14-54mm f2.8-3.5 II. Follow the link to read our comparison of these cameras: Compare Olympus Zuiko Digital 14-54mm f2.8-3.5 vs Olympus Zuiko Digital 14-54mm f2.8-3.5 II