AM5 is much much better to my ears, better definition, better clarity, better control, louder, wider soundstage, more instrument separation, much much more dynamic.
(I only tested AM5 with really hard to drive headphones like Amiron or LCD-4 so far. Amiron swallows 80% of its volume , LCD-4 swallows less, but both reach the full AM03A maximum volume, so AMP5 is needed for them)
I will also test with IEMs soon, I did not do that
One thing I can tell you from the start is the top end... MAN that top end has all the extension and sparkle you need. I sold the E12A I bought a few years ago because the top end was too smooth for me, so it lacked sparkle and wasn't engaging enough. Welp, AMP5 for Q5 is sparkly and neutral, an amazing AMP
BTW, I wouldn't say AMP5 is too warm or has any inclination for the sound, just better overall clarity and especially dynamics than AM03A, AM03A already being quite excellent in my book. An excellent adition to an already excellent product