(ER: Having some trouble with news, and the team has deservedly gone to bed. So I'll put this here for now and we can move it to news tomorrow.)
If you have concerns or questions about features please post them in response to these release notes. We will review every comment, we will respond appropriately to the comment either with words, with action or with consideration.
Please be nice. We deliver v5.0 with love, and we hope to discuss how to improve it with you within a similar context.
Release Notes:
Upgrades include the header, footer and overall layout structure. Browse, Shop, News, Today, Forum, user pages, front page, search, Friends, deviation pages and all comment areas. Untouched features that we've converted slightly but may still appear in the v4 look include: deviantWATCH, Notes, Chat, shopping cart, error pages, settings, profile, print administration, submission process, update journal, update wishlists, deviantMOBILE, about us, contact, help, policies and various low-hit pages. Revamped or brand new features include: forums, news, today, moods, search forums, search journals (via today), search news, friends list, category navigation, deviation pages including embed tags, thumb tags for within dA and Browse. The Front Page* The front page is art only for now. Later we'll let you further customize.
* In the next day, two, couple, something.. days, a front page "customize" button will be added as planned. Bug delay. That's all.
Browse & Search* Functionality is now merged.
* Search results will soon look near exactly like browse results, including popular/newest sorting.
* You can narrow-down search within any gallery.
* +frontpage features will (soon) exist all throughout for easy adding to home page.
* +RSS
Deviation Pages* Navigate search streams on the deviation pages. (top right)
* Art that is a part of the deviantMOBILE program also now displays EMBED tags on the deviation page for use on blogs, etc.
* More about embed: produce a flash file that displays a mid-view thumbnail of a deviation with links.
* Deviation pages also include thumbnail short cuts for use within deviantART.
* Full-View and Mid-View toggle without reload.
* Addition of Favorites also require no reloads.
ShopShop hasn't actually been redesigned, it's just been made to look v5ish. Active development of the new prints program has been underway for some time now, and we anticipate a complete prints overhaul to launch well before the end of the year.
On the plus side however, navigation of prints and searching of prints is far, far sexier!
NewsdeviantART News is still beta, we intend to add a lot more functionality, but at its core it is a system that the community can submit to, and the community can dig through to find the news articles that are the most interesting for the day. Inspired by Digg.com.
* Just In shows you all the submissions ... just in..
* Popular shows you what's become popular throughout the day.
* +
the things you like!* Submit news about you or your group, your friends, your gallery openings, deviantMEETS, ANYTHING you want!
Today* Powered by MOODS (below) watch the communities range of emotion fluctuate throughout the day!
* A quick slice of deviation activity.
* The deviousness award and community statistics.
* Plus the ability to browse and search journal entries.
Forum* Jump-To (Category) menu
* Paginated posts, no more browser crashing!
* Gallery Forums merged in to jump-to menu!
note: We will be revisiting the forum with a magnifying glass in the coming week after launch, but due to the passion of hardcore forum users we wanted feedback first.
User Pages* Paginated comments and comment moods.
* Newness.
* RSS
The Site PollWe're waiting a few days on the devious poll, it will come back and will appear on the front page and news.
General Disclaimers
We will be proactively sensitive to your feedback on user pages. Glad to implement changes that make you mood:happy. 
Gallery Pages no longer exist but gallery forums are still accessible on the forums page. If there's anything major and obvious missing we intend to bring it back. I don't know what that might be, but if you notice something obvious don't freak out, just mention it in the comments below, we'll likely bring it back. We are aware of various bugs including some funny sorting options with the news and journal search and various others. Take them light-heartedly if you report them, we're be on'em! Anything dealing with the deviantWATCH is a part of v5.5 and not v5.0. Keep in mind that includes adding people to your watch, managing your friends list, and absolutely anything else that falls in to message center land. Suggest away! Whatever hasn't "made it over" from v4 to v5 is likely a very easy addition we probably anticipated making after launch. But other small features around the place aren't too tough either, make suggestions below! We will be actively working on a few more features and fixes over the coming weeks so this is great timing to perhaps get a feature you've wanted added.Enjoy deviantART v5
To create technology that meets your needs as deviants is our joy in life. This is the beginning of a new road, and we hope we've opened your eyes to a glimpse of what is ahead with v5.
Be devious,
mccann pachunka chris starvingartist dionyziz micahgoulart dStruct 
It"s not everywhere that we feels home :*
Keep up the great work, I'm sure you'll get everything humming.