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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.
 
It does have a new chip the S5. It is reasonable to surmise the new chip supports the change in screen and is lower power consumption but they did not heavily promote that it is there... why? Because according to the specs on Apple.com the S5 chip is "2x the speed of the S3 chip." The problem? The S4 spec says it is also "2x the speed of the S3 chip."

Basically the S5 chip is NOT faster than the S4 chip and likely exists just to save battery power and work with the new screen tech to allow the same battery life with the always on display.
 
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