They sound identical. The main changes are (a) the Mk. II has a new transport (Phillips changes transports every year, but the new and old one are identical sonically, reliability-wise and noise-wise); (b) the new one has a USB port that allows easy software changes (but replacing a chip is pretty easy as well and eliminates the possibility of a computer not being able to download the software); and (c) the finish is different. Other than that, it's the same animal. If you have the Mk. I, like I have, there's no need to change.
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