I think the differences are bigger than that (chipped versus not chipped): while the optics are supposed to be the same, the mechanical build is different. The SL version has an overall sturdier build, the focus ring is metal (chrome). The focus ring on the first SL II versions was rubber, now recently it was changed to metal (black, and different from SL version), this latest version is now called SL II N.
As per cameraquest's homepage, the weight of SL is 255 grams, and of SL is 200 grams, so the difference in mount construction is palpable.
If the idea is to have the smallest and lightest quality walkabout lens possible, then the later versions make more sense. And of course for metering with pre-AI bodies/finders, the rabbit ears of the earlier version are a must.