I saw teal 05 SEEG last night at the dealership and spent some time checking it out to compare differences between the 04 and 05.
There's the obvious differences, wheels, rotors, air cleaner cover, etc.
The 05 seat looks more "passenger friendly". The rider section appears to have more padding and a little deeper bucket. It has some sort of ostrich or snakeskin looking panels vs. the perforated leather of the 04 seat.
The fairing lowers are a single color and don't have the two tone "swoosh" that the 04 has. IMO, that takes away from the overall look of paint scheme. The adjustable vent is plain black plastic and while it may be more comfortable it doesn't look as good as the 04 and older lowers.
The "stealth luggage rack" is different. It isn't a detachable rack. Instead it is integrated into the bar that the 04 and earlier license plate bracket attaches to. The license plate is relocated underneath the tail lamp / turn signal bar. While I like the rack I didn't care for the new license plate bracket.
The new 05 headlamps look cool. I inquired about one for my SEEG, but the dealer says they already have orders for several of them and have no idea when they will arrive.
The extended right front heat shield looks good. "I gotta get me one of these