you sound a lot like me.... I've had a 92G Elite for a little over a year now and just picked up an Italian made 92FS Inox police trade in (w/ night-sights and 15-rounder).
The Elite II is just like the Elite w/ the following exceptions (I hope I can remember them all....)
EII has stainless slide, EI has bruniton.
EII has novak sights, EI has regular 3-dot
EII has 9xD mainspring, EI has regular
EII has checkered front/rear grip, EI is slotted
EII has slightly heavier skeletonized hammer than EI
EII has bigger mag-release button
That's from the top of my head, but I believe that's all correct and all there is.
If you are thinking of upgrading... The EII is nice, but no reason to give up an Elite (unless you want to avoid holster wear). Just get a D model hammerspring and you're all set. Well, the Novak sights are nice too...
hope this helps,
rvb