Ooh, I love the V5!! You can raise one, two, or three characters, and there's a special Television icon where you can watch TV Shopping (the Shop), Dating Show (Matchmaker), or Travel Show (pause). You can play four games, two of which you have to be second generation or older, to play with your parents. You don't have to worry about the Tamagotchi's weight, and you have a bonding percentage. When you have a certain bonding percent, press the C button and different animations will appear!
There are some downfalls, however.
The V5 is very skimpy with the Gotchi Points, and when you finish a game, you only get 100G. You can't donate to the King and get items, and you can only connect to other V5's. But overall, I think the V5 is great.