My experience so far:

Wet:
The grip on wet roads is fantastic, like no other tire I have ever had. No aquaplaning, no early understeering, nothing... just good grip.
They give a lot of confidence in corners and the braking is really powerful too. This may sound weird, but sometimes I even go out driving when it's raining hard, just because it's fun with these tires on. I bought these tires mostly because of their promised wet weather (grip) performance, I have no regrets here.

Dry:
Strong braking performance. Cornering does not feel a lot different than my previous Hankook UHP tires, but those were worn down to nearly the minimal legal tread depth, which meant good grip on dry roads. The Michelin PS5's are new with full tread, so I guess it's impressive they feel simular.
When really pushing the car understeers normally and predictably. The tires seem to do especially well in longer and faster corners when compared to short tight corners. They're good in short corners too, but not exceptional. Temperature does play an important role here, I think.

Temperature:
In my opinion it makes a very noticable difference whether it's below or above 15 degrees (Celcius) outside in terms of cornering. The PS5 seems to really come alive on a warm day. And then the above mentioned short corners suddenly become a lot more fun too. This is probably the case for most (UHP) tires, but still it's worth noting that PS5 dry cornering feels more "sporty" as the temperature rises.

Comfort etc:
They are firm but not uncomfortable. I did have to try a few different pressures before I found the best balance between comfort and performance. Ofcourse there are more comfortable tires out there, but that is not what you are looking for when you buy UHP tires.
I drive fairly briskly on average, sometimes near the limit where "safe" to do so, but never like a maniac. But I also drive many boring 100-120 km/h stretches on cruise control. The PS5 seems to be the perfect tire for all of the above. A good balance of comfort/noise and performance.

Wear:
After 5.000 km the front tires are now at 7,0mm. They were 7,5mm when new. You can do your own math, but to me it seems like they should be able to reach 40-50.000 kilometers when you take care of them.

Any negatives?
Well, they do feel slightly "heavier" than my previous summer UHP tires (mounted on the same rims). In terms of acceleration and fuel economy they are not as good yet. This will probably get better once the tires wear down, but still: about 10% extra fuel on average highway use (cruise control on) seems a lot. Even for brand new tires, where 3-5% extra fuel use can be expected. I swapped back to my winter tires briefly, to check if it was the wheels/tires or something else. But it's the tires. I have now done around 5.000 km on these tires and it seems to be getting better slowly, in terms of fuel use.

All in all very happy with these Michelin Pilot Sport 5's. And I think they look pretty good too.

I will preface this with the fact that this is an initial review. Updates will follow.
I fitted the PS5s about 1200km ago coming from Bridgestone Potenza Sport, both on 225/45 R17 (94Y)

I have had the opportunity to test them in dry and wet conditions, on motorways and along country roads. Type of driving: commuting + spirited when possible.
Compared to Bridgestones when new, the PS5s have more (and more, and more) grip on dry surfaces. The car is planted on 4 wheels, the feeling is to have an AWD car instead of a FWD.
Where the Bridge showed a “dancing” rear during spirited driving, with the Mich you are on rails. And that is confidence inspiring.
On wet surfaces no differences at all.

When it comes to handling and feedback at the wheel, distinctions must be made.
Sportiness increases proportionally with speed! As long as you are travelling at low speeds, I agree with Johnatan that these tires are slightly slow in following the steering wheel commands (in this the Bridgestones gave a quicker feel), but the higher the speed increases, the more the tires respond instantly to steering wheel input. And it doesn't just depend on the steering-assist calibration, the feel during turn-in is exactly the same as the Bridgestones, without being too nervous at the limit. With the PS5s you are forced to drive very fast. And, oh, they are lovely!

The only drawback, for me, is the road feedback. The refinement over bumps is achieved at the expense of the rubber-to-road connection.
It is the French way of conceiving sportiness, but for cars of modest performance to be used every day on the road (no track), I think it is a compromise you can live with.

As for wear, the tires came with 8mm tread depth. I'll update the review after 10k kms

Got a set of pilot sport 5 for my tuned Mk 5 golf Gti after I watched the tire review youtube video. Best tire I've ever had on the car , came with Dunlop Sport max which where terrible in the wet .Got a set of Yokohama not sure the model of Tire sorry but they where even worse .The pilot sport are fantastic in the dry car goes round corners like its on tracks only down side is , there is a bit of road noise not bad but a small price to pay i suppose . I've only done roughly 3000 miles so cant say what overall ware is like . But if you are looking for a Tire that grips has good feedback and not much sidewall roll pilot sport 5 is definition worth consideration.

Fitted my first full set 10/22 on a Focus ST3 running 280bhp on a stage 1 map).
Great type but they lasted 7500miles (my commute is 5miles each way) plus general driving. Great tire but god they wear fast, even the backs only lasted 12months, not usual 24months.
Fitted second full set 10/23 to same car... I've now done 4500miles and they have 4.4mm left all round. Needless.to.say they won't last till 10/24...
The Old PS4S lasted much better wear wise.
I'm struggling to find a reason to try a third full set...
May have to revert back to Eagle F1s.

So after 20 years of getting GY's (loved most of them), Continental (loved all of them), Pirelli (hated most of them) and Bridgestone (hated all of them), I got first time ever Michelin PS5 2 years ago on my 4 series coupe Bmw, they're 225/45/18 size. After that I was so amazed by Michelin generally that I changed to them on all of my cars including 911 997 and as long as they make them this good I'll keep buying them. The wear is amazing and like they told me in the tire shop (that they will stay the same all their legal life) they did. So after 60k km, yes 60k km they were down to legal limit and just today I put a set of new ones. The GY and Continental always performed well at the beginning but after half of the life it would go significantly down. This performed 50% better in wear than ever before. Max I got before on any tire was 40k km. Yes compared to Pirelli Cinturato P7 run flats the car was equipped from new there is a bit of less steering precision but my God have well they keep corners at Dolomiti mountain roads both in wet and dry and all the way at 50k km, I could actually say that only at around 55k km the back end was much happier going out. I was so blown away by them that I also got for the same car winter Alpin 5 tires and they are amazing as well. I can just say (in my case other people can have different opinions) there is Michelin and then there are other tires.

All our three cars in our house hold we all use Michelin tires. The Michelin sport pilot 5 is Michelins latest range. We have been using them a while now. It does everything a pilot 4 does. One can really trust and have a lot of confidence in the tires to perform and do the job they were made to do. I have an S4 Audi and by God the pilot 5s are tremendous. Grips the road like glue. The car with the tires handle superbaly. Obviously if you foot down all the time the tires will grip but mileage will not be high but if you drive normally the mileage will be quite high. I got my pilot 5s on offer from Michelins promotion just in March so be quick to get £40 of two tire. I recommend all high performance car owners to get the pilot 5 tires. They are very reliable. This review is unbiased I have paid fully for my Michelin tires.

I've had PS5s on the front on my 2016 S212 E-Class for around a year (7-10k ish) and they've been excellent so far, performance of all kinds is great. I've noticed in the last month or so the tires are starting to step on the inner tread blocks or go out of shape so they now sound like a pair of faulty wheel bearings. I am a technician at a Mercedes dealer & use our aligner to regularly check my geometry which is always fine, shocks and bushings, etc are all ok so I'm forced to conclude its the tires themselves. I'll be hanging on to them as long as I can tolerate the noise but I suspect i'll have had enough before theyre worn out (they currently have around 4-5mm remaining). Oddly my 120,000 mile Seat Exeo with the same tires doesn't have this problem!

As a long time Michelin Pilot Sport user ( PSS / PS2 /PS4S ) the new PS5 is a leap forward , I mo longer do track work so stepped down to the PS5 from PS4S.

The Grip in both the Wet and Dry is excellent but the real plus is that there lasted 25k miles. and were at >3mm when i changed them.

The only downer is that they go out-of-round near the end of their life especially on the inside edge of the tire ( and yes the geometry was fine) this is also happening on the front tires as well. so much so it sounded like a wheel bearing was failing. When i rolled the wheel (off the car) on a smooth surface the wheel visibly swayed side-to-side. The higher sports on the tire appeared to be where the tire wear indicators are (3 spots on tire surface).

But this does not distract from 20k+ of fantastic grip.

Bought these for my 330d bmw , bought all 4 and was straight away thinking wow these aren’t as good as the pilot sport 4 !!!
In cold dry weather don’t grip as well .
The pilot 4 gave me confidence where these I’m unsure, hope there better in hotter weather but when these wear out I’m back on the 4

Dry and wet grip was good and predictable. Comfort was a lot better then the previous tire from factory (pilot super sport). The previous pilot super sport felt more direct in compressing with the pilot sport 5. I drove 18.000 km with the pilot sport 5. At 10.000 km I changed the front to the back. Now 4 tires are gone… so for me the wear is not that great. But it depends how you drive your car of course.
I am gonna try te continental premium contact 7 next.

Replaced these Pilot Sport 5 tires from the Continental premium contact 6’s that came as standard on car from factory and all I can say is WOW, much less of a dead 12 o’clock feel very progressive when pushing on. Excellent in wet. If I stomped on the go pedal at a roundabout to squeeze out a gap or get me out of bother, the Conti’s just spun up and I had to let of the gas a bit and reapply gently. These Pilot Sport 5’s have NEVER lost traction once yet. The Conti’s were not badly worn either, the rears had about 4ml of tread and the fronts had just under 3. I changed them as I just couldn’t get on with them, they felt hard very crash over bumps. I would buy these PS5’s again in a heartbeat. My car tire size is quite niche and there isn’t a lot of premium choices but I’m so glad I got these!

great in both wet & dry quiet, comfortable, affordable would definitly buy again.