While Fujifilm has developed an extensive lineup of mirrorless cameras, most of their sales have been in a few key models. One of the models that has consistently disappointed has been the X-E# series.
The X-E# series has long been Fujifilm's lower priced rangefinder series, with the X-Pro series representing the high end. Unfortunately, Fujifilm has been their own worst enemy, launching the X-T1 DSLR style camera just after the X-E2, and then the X-E3 into even more DSLR-style stable competition (X-T10, X-T20, X-T2, X-Tadfinitum). For awhile, Fujifilm development simply wasn't working on an X-E4, but when it arrived in 2021 it was pretty much a sales fiasco.
Curiously, all the time the rangefinder style X-E# models were going out of buying favor, the rangefinder style X100 compact camera was going viral, more viral, and eventually ultraviral. Apparently something finally clicked in Fujifilm HQ and the notion of "what if we made an X-E5 that was an interchangeable lens X100VI?

And so it is today we have Fujifilm launching the X100VII ILC X-E5.
You can see X100VI cues all over the place: the slight front hand grip bump, the return of the MCS switch, the use of the NP-W126S battery, the addition of IBIS, and so on. Curiously, the X-E5 body is a little smaller and lighter than the X100VI, but of course that's without a lens (more on that in a bit). The X-E5 does have a lower grade viewfinder (2.36m dots versus 3.69) and Rear LCD (1.04m dots versus 1.62m). But overall, the X-E5 quacks like a duck with an interchangeable beak. Even Fujifilm admits it ("...the stunning looks of the iconic X100VI with the added creative flexibility of interchangeable lenses"). One other difference is the X-E5 has a new Film Simulation dial the X100VI doesn't have. One non-difference here in the US is that the price is the same as the soon-to-be-Japan sourced X100VI: US$1699 body only.
Internally, you get the now usual 40mp X-Trans sensor backed with X-Processor 5.
I mentioned lens. The X100VI has a 23mm f/2 built-in. You can get the X-E5 with a new 23mm f/2.8 lens for an extra US$200.
My review of the X100VI will get posted soon (on bythom.com), so think of it as a preview of the X-E5.