read the specification of this model at http://www.korg.com

It is a module not a keyboard, I don't think
that you can edit much with it,

you can load styles, arrange them,
record a backing sequence that probably
can be saved as .mid (or recorded via midi interface).

it is not identical to i3, i3 has midi sequencer, style editor, sound editor and is must more expensive, i3 is a keyboard with keys.
i5m can play midi (GM compatible).
Sound of both is similiar.