1.
It's less opinionated. You have to do more work with your prompt to get the "awesomeness" factor of the old V4 engine.
In return you get more accurate results. Less trial-and-error.
3.
It understands prompts much better. It took me forever to get a V4 rocket to fly toward the upper right corner and not be messed up. V5 delivered consistently with every try!
4.
V5 doesn't have the incessant need to add details to every square inch of the image. You actually have to prompt it for more detail and variation if desired.
Bottom line:
- Harder to get "awesome" images
- Gone is the distinctive "Midjourney style"
- Results are more consistent
- Prompts are better understood
- Doesn't incessantly need to add detail
👍 if you work with MJ a lot