Would there be any advantage in taking the Logitech G5 laser mouse instead [of the MX518]?
A quick google revealed at least
this review which claims that the G5 was to replace the MX518, but don't go clamoring after it just on that one review. (Yes there are other forms of feedback, such as the gamers who'll likely write up their thoughts on Newegg's product page
here, and
this review which seems to also mention the MX518 in comparison to the G5.)
It depends on your needs and wants.
It would appear that the G5 offers greater accuracy so if you need that precision than by all means go for it. On the other hand, that very first review I linked to mentions that it doesn't have a certain button that the MX518 has, so if that was a button you enjoyed or used before, you might prefer getting a new MX518.
Hope some of that can be of help.
:edit: As a non-gamer and someone who can be slow to adapt to change, I'd likely go with something that I already know I like, but that's just who I am. (That and I look over and smile at the MX518 plugged in to my iMac.

)