Great review by Steve Huff. An interesting question about the new E-M5 Mark II is whether it has become the best OM-D model, replacing the E-M1. This is where Steve stands on the matter:
For me, I just enjoyed using the E-M1 a bit more, but I have a feeling a new E-M1 Mark II will be out within a year and I will bet you that it will not only have the new features of the 5 Mark II, but newer features exclusive to the new model. Just a guess but Olympus will HAVE To do this as the new E-M5 II will start eating into the E-M1 sales because of what it offers for less money. For most, the E-M5 Mark II, at $300 less cost than the E-M1 while offering more, will be the favorite choice. Truth be told, if buying from scratch I would choose the E-M5 II over the E-M1. Having the E-M1, I would not sell to go to the 5II. For me, owning both is the answer. ;) The 5II makes a perfect complement to the E-M1 as a 2nd body as you get the best of both worlds.
There you have it. If you can own both that’s obviously the better choice but if you must choose, it looks like the E-M5 Mark II offers a better bang for your buck. Also, keep in mind that this may be an excellent time to pick up a used E-M1 from someone who’s “upgrading” to the new E-M5.