I finally received my V5 drivers this week and assembled them yesterday. Unfortunately, I have no way to A/B my V4 drivers to my V5 drivers, as the cable and cups I used with my V4 drivers are now with the V5. So comparisons are tricky, but this is the best I can do:
Upon first listen, I thought the V5's sounded very much like the V4's. And, I still think they do. So, as far as frequency response or tonality is concerned, I really don't notice much of a difference. To me, the lows and mids sound very similar between the V4's and the V5's. A/Bing might reveal what differences do exist, but from memory the lows and mids are similar. The highs even sound the same to me, except that the sibilance I experienced with my V4's is nonexistent with my V5's. This made me very happy.
So what do I notice that's different between the two drivers? Over the last two days of listening, I've become convinced that the V5's are quite a bit more detailed than the V4's. Heck, I thought the V4 drivers were really detailed (a step above Grados in detail retrieval), but Wow. I think the V5's are even more detailed than the V4's. And this makes sense, since Rhydon told me via email that one of the substantial improvements in the V5's would be greater extension to both frequency extremes. If the bass is further extended, it's subtle enough that I don't notice it. But I would agree that the highs sound more extended and detailed. Also, I think the V5's trump the V4's in separation. I don't know if it's a side-effect of increased detail, but I really feel the instrument separation of the V5's is just fantastic, and at times jaw-dropping.
Overall, without being able to A/B, I'd say the V5's are tonally similar to the V4's, but are more detailed with superior separation. A welcome improvement.