I just replaced my EM5 with the EP5 and am very happy so far. (Before someone asks why I would do that. I replaced my EP3 with the EM5 but not for the EVF, for the other improvements. Only used the EVF, even on the EM5, when I used manual focusing lenses, so I don't miss it being built in.)
The camera feels well built. All the buttons/knobs are in comfortable places and feel very good. (Never liked the rubbery feel of some of the EM5 buttons, especially the two right near the top.) Between the front grip and the great thumb rest, the camera felt very comfortable - though the largest/heaviest lens I tried so far is the 12-50.
Still getting used to the button setup - deciding what settings I like for what buttons. Do wish that the toggle switch had more options for controlling settings - perhaps in the next firmware update - but it is nice to have anyway. Do not feel - like has been mentioned - that the four-way switch is too small. Have not had any problems with it yet.
AF and IBIS seems as good, if not slightly quicker, than the EM5. Have played with the smaller AF points - not really important for me, but will definitely be for people who shoot a lot of macro shots. Have not done any direct comparisons between the EM5 and EP5 shots with regards to IQ and noise control, but most of my EM5 shots were RAW and nothing, aside from Viewer 3, supports the EP5 RAWs yet. (Come on Apple!!!)
Finally got the Wifi set up with my iPhone. (Probably should have downloaded the manual and read it first.) Lots of fun - though I do wish that just touching the rear LCD did not disable it. (Perhaps there is a setting that I missed.) Very cool using the iPhone as a viewfinder. And nice, that you don't have to actually change the camera to iAUTO yourself (unfortunately the only mode that the iPhone remote works with). But you can shoot RAW+JPEG, so you will get a RAW file in addition to the iAUTO one. Did some transfers to my iPhone and it worked fine. Thought you could only import a reduced size file, but that is only the default. I guess because it is quicker and most people doing this transfer want the photos on their device to email, Facebook, etc, so it makes sense. Also nice that the app will do some basic edits, including adding Art Filters even to photos that are already on your device.
Very impressed with the VF4 - the view through it is spectacular. Don't even really need the focus peaking, the VF4 is that good. Though it is nice to have the focus peeking. Only suggestion for an update is that if you mount a non-AF lens (meaning non-m4/3 lens) the camera should be smart enough to turn on FP as soon as you switch to manual focusing. You still need to enable it by setting up a button to enable it.
Funny thing - I keep reaching for the lower right hand corner to turn on the camera because that is where the switch was on my EM5.
If anyone has any questions I will try to answer them. (Perhaps I will get some pics posted later on.)