Well so far ive played Quest mode quite a bit and played Vs against Drinky's Lei Fei.
The quest mode, in my opinion doesnt ramp up in difficulty as nicely as the quest mode in VF4Evo. Basically you can now go to pretty much any arcade you want regardless of your current skill level. While this is great for returning players who dont feel like grinding the first 10 kyus n dans, the vague description of the skill levels in an arcade are a little annoying.
I didnt think they could recreate the experience of rocking an arcade only to have some small 10 year old korean kid walk up and beat you with no effort at all, but they have. So for all my complaining, MISSION ACCOMPLISHED, AM2!
The new characters, I think, are a lot more fun than the new characters added in VF4. While mr mexico wrassler apparently is low tier he is at least more interesting to play than say Wolf or Jeff.
Shun Di, my favorite hasnt changed much, and really neither has Aoi from what I can tell. Those were the two I used to use a lot. I started using Eileen in VF5 and she's kinda a hyper-lion. Drinky's Lei Fei wipes the floor with my Eileen but again, I havent even hit the dojo with her yet so who KNOWS. My SHUN DI STILL HAS SOME KICK THO GOD DAMNIT!
Also, wtf is with the water, it STILL looks horrible. The only stage where the water looks ok is the one that takes place in the rain in a busy intersection (my favorite stage overall I think)
The game IS visually impressive but the character models seem really uneven. Eileen's close-ups are terrifying, and most characters look like burn victims close up. Skin detail is not what I want in a fighter, seriously. The 'sweat sheen' is enough.
That being said VF5 is more VF which is just fine with me. So fine in fact I couldnt wait a few months for the 360 version which I will also buy lol. I guess VF5 360 will actually be like VF5 C or some version like that with some balance adjustments made. Drinky was telling me the japanese are pretty split on the VF4Evo vs VF5 situation because of the huge differences in balance, as in VF5 isn't quite there yet.
VF4 Evo is I dont know how many version tweaks into VF4 tho so its not really a fair comparison.