The highlights seem to recover pretty well. Shadows are another story. The dynamic range in this shot is more than the camera could handle at iso 12800.
Did you need to stop down to f/4, or was that for demonstration purposes? DR at these isos scales almost linearly with available light.
Also, there is little reason to shoot at iso 12800 if the plan is to process raw. I cap my E-M5 at 3200 and push as needed. It protects highlights with no noise penalty. I don't know what the practical cap would be for the E-M1 mk2.
I am replying to Shawn Wright as well.
f4 is the largest aperture on the 12-100m..
I started this process about 8 weeks ago, and, expected to find the Om-D E-M1 KII + glass to be behind the D700+28-300mmVR.
Well, I got a number of shocks.
Here is one, and, few people have bothered to comment on it, but, its 6400,12800,25600 iso of a D750 vs the Om-D E-M1 MKii
https://www.dpreview.com/forums/post/59088838
The interesting bit is that the E-M1 KII shots went through OV3.. LR6.8 messed them up.
Various sharpness tests with the 40-150mm2.8 and the 12-100mmf4 also matched pr bettered the Nikon combos.
I will have a D700 again next week, and will repeat the highlight scene, and let you know.