Ok, got the Speck SmartFlex in today. Slightly different than the version for the 4, but I'll spare you the compare/contrast - as it really doesn't matter because we're talking about the 5!
I've got 3 cards in there and you'll see it's slightly bowed. That's due to the rubber 'hump' that is in there to hold the cards tight - whether you have one card or 3 cards. It's not that significant and I suspect it will settle in and flatten out over the course of a few days. Overall, the case feels great IMO. BTW, if you're impatient and have a Nordstrom close by - check on-line for in-store availability. I know, it's probably the last place you'd look for an iPhone case - but many stores do stock them.
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Because this is essentially what Passbook will become, when NFC chips make it into the iPhone eventually. I suspect they have realized this and that the window for having a captive market is closing - fast.