Olympus EM5 vs Olympus EM5 II

[HSakols]

Is the only noticeable difference between the Olympus EM5 and The EM5 II focus peaking and better VR? 

[kirktuck]

The finder in the II is much higher resolution and so much more pleasant to look through.

[Telecaster]

The II's rear LCD is higher res too. And it has the electronic first curtain shutter option, greatly reducing vibration in the 1/15–125 sec. speed range. Then there's the high-res multi-shot feature.

-Dave-

[GLJ]

Is the only noticeable difference between the Olympus EM5 and The EM5 II focus peaking and better VR?

There are a number of differences. Some may not matter. Some are pretty significant. Depends on your needs.
A quick non-exhaustive list off the top of my head that the Mk2 version has over the Mk1:
EM1 type EVF
Focus peaking
Fully articulating screen.
High res mode
Better HDR/bracketing modes
Advanced shooting/timer features
Full electronic shutter.
Better video
Live time/Live bulb
1/8000th shutter v 1/4000 (IIRC)
And now it has focus bracketing/stacking.

[Tony Ventouris Photography]

It also has a much better stabilization system, especially for video.  Its still the 5-axis, but apparently much better utilized.  The buttons seem a little nicer too.  E-M1 still has the nicer body...but the E-M5II is a pleasure to use.  It also has a body button now in the front.  Great for assigning custom functions.

[oneeggeddy]

Well you can relax , within two month of the purchase either model you will still lose more VF eye cups than skin cells , also the grip remains a disappointment.....buy the E-M1 it is worth it

[Kiwi Paul]

I have both models and prefer the Mk2, the posts above highlight the differences. The Mk2 is a more polished version, has a nicer feel to it and is just a better camera with a lot more useful features. It has the fully articulated screen which I prefer too, it's better for tripod work, especially in portrait mode.

Paul