I have essentially option 1, although I went with the standard 14-42 kit lens, and am glad I didn't go for the long reach tele lens just yet. I find the 40-150 to be an excellent walk-around lens.
Prices seem a bit high to me, but I guess it's something to do with how they are bundling the products. I spent $1000 CDN on my 2-lens kit, 2 UV filters, Lenspen, 4GB card, and a few other odds and ends. How much would you be paying for the extended warranty -- I am not a fan of them personally, but know that they can provide peace of mind.
Olympus e-620 / 14-42mm / 40-150mm
Metz 48 AF-1
Kata 3-N-1 20, LowePro Orion Mini, LowePro Nova 2