I can't help you with your dilemma as my familiarity with OM system items is non-existant but I can tell you that "engraved" at Keh typically means someone has etched their initials, name, SSN, lock combination or some other bit of pointless dribble somewhere into the cameras metal case. It matters very little to me and I was happy to get my engraved FE2 from them for a fantastic price but if you want something minty fresh or don't want to risk having Hugh Jass carved into the back, you may want to go with an "EXC" version.