I would guess the S5 SoC is the S4 SoC made on a smaller process (TSMC is at 7nm now) that allows it to be a physically smaller part of the SiP (this extra space on the SiP might have allowed for more RAM to be installed) and draw less power - with the new display, this likely helps keep the battery life the same even with an "Always On" display.
Performance wise, I expect they will benchmark pretty much identical.
Performance wise, I expect they will benchmark pretty much identical.