First, let me say, I like the polished look of beta 5 much better. It's definitely getting there. Not as many roaming monsters either so easier to explore.
Second, I've run across some issues.
1) Quests - I've gotten the same ole quests from beta 4. I've gotten ONE quest that's slightly different. This is just the town/inn quests. I do see great improvement in the faction quests.
2) Towns - There are none. Why are there none? I don't know. I've played 15 random games and expanded quite a bit without EVER finding a SINGLE place to settle a new town. And now that the improvement spell is gone, I haven't been able to create a single town in any of my games. WHAT'S UP WITH THIS?
3) Enchanting - FAIL - So, enchanting is at the end of a skill line for most. That's actually REALLY lame. I have yet to get to the end of the skill line since I give up after realizing that I can't actually create any towns anywhere.
4) Random Map - FAIL - the random map isn't very random. The placement of the starter city seems REALLY NOT RANDOM.... it's either on a peninsula or in the mountains - why?
I'll post more in this thread as I find more. Still, definitely more polished.