Olympus changed the large buttons and four-way-navigation keys to smaller buttons and a dial for navigation. It looks a lot nicer and I like the dial, but the buttons may be small for some people. The movie record button is also recessed a bit more, to prevent accidental operation. This newer generation model also supports the more recent version of the accessory connector for an add-on EVF, the new PEN Pal Bluetooth module and the antenna-like macro light.
The grip is shallow, but enough to give you something to hang onto. For this model, Olympus has added a faux-HDR Art Filter and added some variations to existing ones. You can now use the Live Guide for adjusting settings for shooting video as well.