Having owned both, I would say "no" at double the price. But I was able to buy the 14-45mm for about $250 recently, and sold the 14-42 for $170 on EBay - and for that difference it was worth it to me to keep the better lens - the 14-45 is certainly a little sharper.
I decided to get the 14-45 last year after reading about both lens. Very sharp. They were about $280 new from a Panasonic dealer in Canada. Occasionally you will spot a good deal on ebay fpr the 14-45.
14-45 has better center and corner sharpness at the longer end. Plus the OIS button. But not worth twice the price of 14-42. I got 14-42 at $100 or less as a bundle deal. I didn't like the lack of OIS and the plastic mount, but it's a decent lens. Hmmm.. I gotta use it on my mountain bike.