Picked up a new 5W recently and used it off the tee a bit in a round last week. Very pleased with the results.
Probably hit my driver 260-270 on a good drive, but 10 good drives probably average out to about 250 (meaning some of them are in the 240 range)
Think I hit the 5W about 210-220. However, I think a mis-hit 5W is going to still be closer to the correct distance while a mis-hit driver for me will be more of a hooded hook that doesn't get nearly enough distance.
On some holes, particularly some simple doglegs, those extra 40 yards don't mean much. Who cares if you are 40 yards down the fairway if the approach shot is only 10 yards shorter? Sure, on some holes I might be hitting a 6I instead of an 8I, but a solid swing with a 6I will have a similar result to a solid swing with an 8I, and a bad swing with either is still going to be a similar result.
Found the 5 wood was a very relaxing club to hit, much less stressful, and had me in play a bit more than the driver had me recently (getting over a back injury and my ball striking has been terribly inconssitent). Hitting seven five woods and six drivers off the tee really took pressure off my driving and I found that my six drivers were more consistent than if I had just gone with 13 drivers.
I found the 5W was even a better option than a 3W, as a 5W is just so easy and relaxing to hit.
Course I was playing was about 6300 yards.