I upgraded from the M4 to the M5. Both versions specs are identical, 2TB Cellular Nano, space black. Figured I would try out the M5 for the week, see how it performed and if it was worth the upgrade, and in the end, for me it was.
The main factor that drove me was the speed. To be clear, M4 was no slouch, but everything is instant. I was in a fringe area for coverage, my iPhone and M4 in that area would typically drag, everything loaded slow from emails to websites. This updated cellular is for real! There are no delays, tap, enter, or click, everything is instant.
I’m also noticing battery improvements. I think with the better efficiency of the chips, it seems to drain much less than the previous iPads I’ve owned. Most M4 owners would not need to even think about upgrading, but there is definitely more going on under the hood than they are advertising.