Yes in fact all EX speedlites will function in ETTL-II mode on an ETTL-II enabled body. There is no difference. Difference comes into play when you use an older ETTL enabled camera. Which is why the distinction is made. It's for camera bodies.
The problem in labelling of flash units is due to the fact that all material for older series flashes, namely the 550EX and 420EX were written prior to the introduction of ETTL-II. Which is why they made no mention of ETTL-II. Most of the official manuals and documents were printed in 2001 although the flash was on sale till as late as 2005. Even the packaging was not updated.
Canon did not update these material as they came up with newer models to replace the outdated ones, so they saw no need to update these material. They only mentioned that all EX series flashes function in ETTL-II mode on ETTL-II enabled bodies.
So you gain all the benefits of ETTL-II even if you're using an older EX series flash provided your camera supports ETTL-II
The problem in labelling of flash units is due to the fact that all material for older series flashes, namely the 550EX and 420EX were written prior to the introduction of ETTL-II. Which is why they made no mention of ETTL-II. Most of the official manuals and documents were printed in 2001 although the flash was on sale till as late as 2005. Even the packaging was not updated.
Canon did not update these material as they came up with newer models to replace the outdated ones, so they saw no need to update these material. They only mentioned that all EX series flashes function in ETTL-II mode on ETTL-II enabled bodies.
So you gain all the benefits of ETTL-II even if you're using an older EX series flash provided your camera supports ETTL-II