Sure the Em-5 has been replaced by the mark 2, but I think this is pretty impressive for a 3 lens kit.
They also have the not quite so impressive (but still good) deal of the EM-5 with the 14-42mm lens for $499
Camera House Parramatta - so will have Australian Warranty, TRS-able
The 40-150 is ~$200, the BCL1580 is ~$50.
So if you think $450 is good for a EM5 + 14-42, go for it.
Alternatively, if you don't have any of those lenses, go for it.
But if you already have the 14-42, surely there are better deals around.