I've been using the Fold5 for over a month now, so I thought I'd share my impressions on the device. I've also purchased and used the Fold3 and Fold4 in the past, so hopefully I can offer some additional insight.
Disclosure: This Fold5 is on loan from Samsung, but they didn't ask me to write this post. They had no editorial input, and they didn't preview or approve the content in this post.
Hardware
The Displays
The cover display is a joy to use since it's compact enough for one-handed use. While folded, the dimensions are very similar to the Sony Xperia 5 V apart from thickness (0.9 mm taller, 0.9 mm narrower, and 4.8 mm thicker), which doesn't end up impacting regular usage. As a result, I use the cover display more often than the larger main display. I can definitely understand the appeal of a compact phone having used these foldables.
The main display is also great, even if it doesn't get used as often for me. It can be difficult to decide which display to use sometimes, but the extra screen real estate is super handy for general web browsing, reading, and exploring in Google Maps. You don't get that much extra display space for videos due to the aspect ratio, but it's still a bit more than a typical flagship like the S23U. I also found the larger display useful for showing family members pictures and videos that would normally require a tablet, laptop, or TV. Also, unfolding into a narrower portrait orientation display by default is better since not all apps are optimized for tablets/landscape orientation. If you're wondering about the crease, it's still there but it feels and looks more subtle compared to the Fold4. The crease is a non-issue since it isn't visible when you're looking at the phone head-on.
I was able to confirm with Samsung that the Fold5 main display uses an Eco2 OLED Plus display which is also found in the Fold4. That doesn't necessarily mean both devices have the same display, as the organic materials can differ. If you're unaware, Eco2 OLED displays lack a polarizer which allows for a brighter screen with lower power consumption. You can read more about it here and here.
Samsung also confirmed that the Flip series don't use Eco2 OLED displays which I found interesting. When it was first introduced on the Fold3, I assumed that it was also being used on the Flip3. One reason why they might not being using it on the Flip series is to keep the price down, which would be unfortunate since it could improve battery life.
Cameras
The Fold5 uses the same camera sensors from the Fold4 (GN3 primary, S5K3K1 telephoto, IMX258 ultrawide, IMX374 cover display selfie, and IMX471 main display selfie). I never had any issues or complaints about the camera quality from the Fold4, so the output with the Fold5 is no different. I do wish it had the same periscope camera from the flagship S series, but that's a bit of wishful thinking on my part. One thing that I like about the Fold is that the compact size makes taking photos and videos comfortable to do in landscape orientation. With my S23U, I'll often have to use my other hand or re-adjust my grip when taking longer videos or a lot of photos.
You also get the classic benefits of most foldable phones which includes being able to take selfies with the rear cameras, as well as propping the phone up by itself without the need for a tripod.
Software
One UI is what gives Samsung the edge when it comes to foldables. Mishaal Rahman has a great article that covers some of these software features. Outside of the foldable specific software additions, One UI in general is full of features and customization options which is further supplemented by the Good Lock which are official apps that allow for even more customization. This post would exceed the character limit if I tried to talk about all of the software features.
The Fold5 comes with 4 OS updates and 5 years of security updates. I did ask Samsung for the specific security update frequency for the Fold5, but they were unable to provide that information. If I had to speculate, 4 years of monthly updates followed by 1 year of quarterly updates is likely, considering the previous frequency was 3 years of monthly updates followed by 1 year of quarterly updates. Also, the Galaxy Tab Active4 Pro Enterprise edition is advertised with that frequency.
Battery Life
Battery life has improved compared to the Fold4, which was already good. With the Fold4, I could make it through the day with <10% remaining. With the Fold5, I can comfortably end days with >20% remaining. I no longer worry about running out of battery at the end of the day, even if that day is longer with heavier usage. If I had to guess, the improved battery life can't only be attributed to the efficiency gains going from the 8+ Gen 1 to the 8 Gen 2, and could be due to a more efficient set of organic materials in the display.
The Hinge
The new waterdrop hinge allows the phone to fold flat which results in a lighter and thinner phone which is noticeable, but I've never been one to care about the thickness or weight of a phone.
Energizer phone anyone?
One improvement on the hinge that I immediately noticed was how the Samsung logo is no longer etched into the metal. I found that the letters would collect a lot of dust/dirt that was hard to clean out on the Fold4.
Durability
My biggest concern with owning a foldable is still durability, which is why I didn't want to keep the Fold3 and Fold4 for long-term (multi-year) use. That being said, I am cautiously optimistic about the long-term durability of the Fold5 and onwards, mainly due to the waterdrop hinge as well as the new shock dispersion layer in the main display as mentioned in the keynote. For what it's worth, I never had any issues with the Fold3 and Fold4 after using them for around 6 months each during the fall/winter months (where it often went down to -40°C). Only time will tell if they finally fixed the issues with protective film peeling, and cracks along the crease. Samsung advertises 200,000 folds at 25°C, 150,000 folds at 60°C, and 30,000 folds at -20°C which is the same fold durability found in the Fold4 (except they specified the temperature for 200,000 folds this time around). While it isn't an improvement on paper, I think it's still notable since they're using different hinges.
Price
The retail price of the Fold5 is still high and can be difficult to justify, especially considering you need to compromise on the camera hardware compared to traditional flagship slab phones. The only way Samsung can accommodate better camera sensors is if they increase the size of the phone/modify the aspect ratio, which is rumoured for the Fold6. Ultimately, you have to decide for yourself if the compromises are worth it for what you get in return. It's also worth checking to see if Samsung has offers in your country that make the price easier to stomach. The only reason I purchased the Fold3 in the first place was because I stacked a bunch of promotions.
Accessories
Good cases for foldables are still absurdly expensive, at least in Canada. Most cases still come with adhesive strips that attach the case to the phone. This is an issue if you ever want to remove the case to clean the phone as well as the inside of the case, or if you need to swap out the SIM card. If you opt for a case that doesn't use adhesive strips, the parts of the case that don't attach tightly to the phone can scratch the display glass and metal frame when dust inevitably gets in between. Also, a majority of cases don't have any hinge protection, leaving the hinge exposed and vulnerable to damage while the phone is folded. Most of the cases that do have hinge protection end up causing the phone to wobble when used unfolded on a table.
Conclusion
I think Samsung nailed it with the aspect ratio of the Fold series, which gives you the best of both worlds with a phone that you can use comfortably with one hand that can unfold into a tablet. If you have the opportunity to try a foldable, I would highly recommend it. The upgrades coming from a Fold4 might be iterative, but these upgrades still make a difference in the final product. These upgrades also compound for someone who might only purchase a new phone every few years. The beauty of Android is that there are other devices to choose from if you disagree with me. There is something to be said about wanting a specific combination of hardware and software though.
If you came to this post wondering if you should upgrade from the FoldX, I think that answer depends entirely on whether you value specific upgrades going from generation to generation. I did make a post documenting most of the hardware changes for the Fold series which might help.
If you have any questions, I'd be happy to try and answer them.