You also get Insta360's PureVideo low-light mode, replaceable lenses, a built-in wind guard, and waterproofing down to 49 feet without a case.
The X6 has the advantage in sensor size, frame rate, and processing power.
But for travel videos, vlogging, and everyday action footage, the X5 still does a good job.
At $549.99, it also offers better value now that the X6 is available. Insta360 also sells a BMW Motorrad edition of the X5 aimed at motorcycle riders.
DJI responded to Insta360 less than a day later with the Osmo 360 II.
The camera uses the same 1/1.1-inch sensor class as the original Osmo 360 but increases 8K panoramic video to 60fps.
That gives it a slight advantage over the X6's 8K50 recording.
DJI has also increased dynamic range to 14.5 stops in D-Log M, compared with 13.5 stops on the original model.
The camera still captures 120MP shots, but the II adds HDR and RAW photo capture.
The battery is larger at 2,150mAh, compared with 1,950mAh on the first model.
It also supports 27W USB-C fast charging. Another important upgrade is user-replaceable lenses.
The Osmo 360 II also has NFC for quick pairing and 105GB of internal storage.
In China, the standard bundle costs around 3,299 yuan, or roughly $460. The biggest problem right now is availability.
DJI has only confirmed the China launch so far, and there is no listing for the Osmo 360 II on DJI's US store.
The original Osmo 360 is still available and is now cheaper in markets where the II has launched.
It offers dual 1-inch square sensors, 8K video at 50fps, 13.5 stops of dynamic range, and up to 100 minutes of 8K recording on one charge.
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The camera also uses the same battery and magnetic mounting system as the DJI Osmo Action 5 Pro.
That is useful if you already own DJI action-camera accessories.
The original Osmo 360 is also officially available in the US, making it the more practical DJI option for American buyers right now.
It costs around $549.99.