Here is my first comparison video between the two. I simply held them next to each other, almost touching. Identical settings, 1080p (this is a 720 output from FCPX) 60 FPS, wide field of view. Protune off, video stabilization on for the 5.
I've barely used the five. I got one two days before release and had to return it. There was a power issue. I finally got one yesterday. Even though both cameras use the same chip, and lens, the 5 black has a better look. A bit more contrast. It is now waterproof without a housing, which is cool, but it makes a few things difficult to do.
Because the ports are behind a waterproof door, I can't power the camera externally. I also can't run an external microphone, which I only did a few times and I have a work around for. The mount it comes with, which is sort of like a frame housing feels a little fragile. These are the only negatives I have found so far.
I love the new user interface. I love voice control.
The voice control is a game changer. I used to take my GoPro paddling and turn it on and let it run. Because it would be mounted on the bow, short of using a remote this is the only thing I could do. Now, to have the ability to tell it what to do?! Amazing.
Ill put up a more detailed review when I have had a chance to really shoot with it. But so far I am pretty excited.