Both will use the Olympus E-M5 sensor with TruePic VI image engine and touchscreen, and are reported to be priced at €399 ($520) for the E-PM2 with a 14-42mm kit lens and €599 ($780) for the E-PL5 with the same lens, shown above.
I think $780 is too much for the E-PL5, especially given the NEX-6, but it should be a good camera. I think $599, $499 would have been better price points to hit.
I don't know why people continue to react to Japanese/Euro prices like a direct conversion to USD = the street price in the US. It's almost always lower.