For my price range i’d be considering just the mark 1, i have spotted a second hand one with warranty until mid 2017 for 200 quid so considering that.
That’s not far off the price of a new MK1. (There was a cash-back offer until recently)
I have one. It’s great. Image quality is outstanding – nothing I looked at of a similar size came close (sub £500). It’s very versatile, once you get your head around the various options and ways of configuring the controls to access them (setting things via the menus is tiresome). It’s much more pleasant to use with a stick on grip (a Franiec (sp?) grip is well made, feels nice and looks like it’s always been there).
but…
Mine, (2+ years old), now has a hair that shows up at the edge of the frame at small apertures and certain zoom settings. I have tried the ‘hoover trick’ but that didn’t shift it, so ended up taking the camera to pieces to clean the sensor / back of the lens (not for the faint hearted). Even though I usually keep the camera in a case, the sensor was absolutely covered in lint, so it is not well sealed, and even though I cleaned the sensor and blew out the back of the lens, the hair is still there, so it must be trapped inside the lens assembly. (I’ve switched to 4:3 format for the time being so it doesn’t show).
It’s a fantastic camera, and I’d still heartily recommend it, but I would really avoid putting it in my pocket without it being in a case of some sort – and check any 2nd hand ones carefully for dust/hairs at the smallest aperture through the full zoom range at 3:2 format.
P.S. It does really good video, too.