I'm not really sure what they'll use considering the current nodes are more like a marketing term and not really representative anymore. TSMC going from 7->5 mainly points at "the next generation" instead of going from 7->5 literally.
For example AMD is currently on 7nm and Intel on 10nm (or 10+) but AMD's 7nm isn't smaller than Intel's 10nm, they're just measuring differently.
It's the smallest feature size and has nothing to do with density.
To truly compare you need the number of gates or transistors per square mm.