Good glass is always a better investment. Body wise the EM1 Mk I is still plenty while the Mk II is really for those who crave or need the improved specs. It's priced as such to reflect this I guess.
I agree with what Keith says, at the end of the day, it's the photographer that matters. I still use film cameras even though it's film, doesn't really a huge difference in getting my shots, just a little more difficult.
I was speaking with a friend yesterday and he presented some interesting thoughts about the pricing, one very important thing was. At the
same price point, is there a camera that can do the same things as the mark II. As BHtan83 said, it's more expensive than a Sony A7 II, but with good lenses, it's not much faster nor is it lighter than a E-M1 Mark II combo.
Burst speed, only flagships from Canon and Nikon, i.e 1DX MKII and D5 can compete with the E-M1 Mark II. The PDAF sensors are now spread all over the sensor as compared to clustered in the center on the Mark 1.
Some of these points were the thoughts discussed yesterday. In a nutshell, the closest priced camera is the Nikon D500 which some people I've heard said "at that price, I'd rather buy the D500!", but again, it comes down to portability and specs. On paper, D500 doesn't have as many cross type sensors, it's heavier and bigger, Nikkor 14-24, 24-70, 70-200 are not cheap and I have the D3 with the trinity, they weight 6 kg, I also have the E-M1 Mark I with the trinity and they weight only 2 kg odd.
At the end of the day, the Mark II is a worthwhile camera if you want to purchase it. Despite the price, when I first touched it, I knew this is gonna replace my E-M1 Mark I body as my main while my Mark I is going to become my secondary. If it's too expensive for you, then to be honest, you probably shouldn't get it. With the E-M1, you get what you pay for. My own E-M1 survived a car accident, they're built to be splashproof, dustproof and freezeproof, everything about is top notch, and nothing topnotch will come at a price equivalent to buying milk.
One other point he pointed out was, when the XT-2 came out, not many, if any, complained about the increased in price
My early morning 2 cents worth