The upgrade is purely cosmetic — all the internal guts remain the same as the standard E-M10 II. The 16-megapixel camera has five-axis image stabilization, and borrows features, like Focus Bracketing, from its higher-end siblings, like the OM-D E-M5 Mark II.
The grip, however, is now covered in synthetic brown leather. A genuine leather strap matches the grip. The kit includes a M.Zuiko Digital ED 14-42mm f3.5-5.6 EZ lens, but it comes with a metal lens cap that tells the world your camera is unique (if you care about that stuff). Olympus, however, says the leatherette on the grip isn’t just about looks; it provides a firmer grip.