Are you guys talking about above water or underwater?
I have both the epl2 and the em5. I have the olympus housing for the epl2, no housing for em5.
Yes, the em5 is much easier to use above water and I really like the feel of it. I did have Nikon a D50, then D7000 so the viewfinder of the em5 is very nice and makes it much easier to shoot than the epl2 on land. Also, the control wheels are nice.
But for underwater, I've never used a viewfinder. Was P&S first, then epl2.
I'm kind of wondering if I should house the em5 or go for the epl5.
But, I'm also thinking of just keeping the epl2 as my UW rig for the next couple of years and adding the 60mm macro to go along with my 9-18 & Zen port. I'm still really happy with the epl2 underwater.