PEP v1 allows you to add both symbols and text to a given panel/button without having to use ProntoScript. The same can only be accomplished in PEP v2 using ProntoScript.

Another feature lost in translation...
PEP v1 allows you to set the text color to be used for the released and pressed states of a given button independently. This includes the firmkey labels as well. PEP v2 does not.