I've looked at lots of examples and I believe the M5 has an edge in sharpness, resolution and contrast. Noise seems about the same. I like the M1 body, but they did something to the camera that changed the image look from the M5. The difference is small, but it reminded me a lot of the image differences between Nikon's D800 and D800E. It is almost like a slight veil is lifted from the lens. I have not compared the M1 and M5 directly, only gone off the review site's comparisons, however.