Cameras with longer battery life can take more photos before exhausting their batteries.
Special note: The measurement standard for battery life stipulates that if a camera has an internal flash, it must be used for 50% of photos taken. For this reason, comparisons of one camera with an internal flash to another without will not be comparable
Cameras with more dynamic range allow you to take photos with dramatic differences in highlight and shadow areas while retaining detail in both.
Think of a brilliant sunset on a rocky beach: Bright sunset in the background, with dark rocks in the foreground. High dynamic range means more of the extremes will be faithfully reproduced.
Dynamic range test data courtesy of DxO Mark.GM5 test data on DxO Mark G3 test data on DxO Mark
Great image quality for a tiny camera; Excellent high ISO for its class; Built-in EVF; Built-in hot-shoe; Improved ergonomics; Improved image quality for long exposures; Improved burst rate with hybrid shutter; 1080/60p video.
Slightly bigger than GM1 (but not by much); No built-in flash; Shallow buffers with RAW files; Dynamic range not quite as good as some competing models; Below average battery life.