I have a GX-7 (with Pan. 20mm) and a K-5 (not IIs)...
(*) The IQ of the GX-7 is not at the level of the K-5, but it is excellent. Here is a
link to my flickr page - there are pictures shot with both cameras and a variety of lenses, including adapted Pentax lenses on the GX-7. Pictures with no lens information were shot with adapted lenses.
(*) I find the GX-7 nails focus a bit better than the K-5, and because of focus peaking, manual focus on the GX-7 is much easier for me (so adapting Pentax lenses is easy). From what I understand, the K-3 has much better focusing than the K-5 (and focus peaking in live view), and I imagine that the IQ is better than the K-5 (certainly no worse).
(*) The GX-7 is smaller and lighter than the K-5 and so are the lenses, so it is easier to take a full kit on the road. On a subjective note, I have a slight preference for the way the K-5 feels in my hand, though the GX-7 feels good too.
(*) I am also a big fan of the tilty touch screen on the GX-7, and I find the EVF to be excellent.
Hope that helps.