Here is a list of #5 picks over the last 20 years. As you can see there are some very good players, some all-stars, some JAG's (just another guy), and a couple of busts. More often than not, a servicable player, to very good player is found. The players in italics are notables that were taken after the #5 pick of that year, but still inside the lottery. I did that because it means that good players were there for the taking and a team missed, or to show that there was more than 1 good player available at #5 in most instances. None of the picks shown are outside of the lottery.
2006
Shelden Williams, Duke - still early
2005
Raymond Felton, North Carolina - still early
2004
Devin Harris, Wisconsin - Deng, Igudaula, Bierdins
2003
Dwyane Wade, Marquette - Kaman, Heinrich
2002
Nikoloz Tskitishvili, Italy - Amare Staudameire, Caron Butler
2001
Jason Richardson, Michigan State - Joe Johnson, Rich Jefferson
2000
Mike Miller, Florida - J.Crawford
1999
Jonathan Bender, Picayune HS (Miss.) - Wally Sz., Andre Miller, Rip Hamilton, Marion, J.Terry, C. Maggette
1998
Vince Carter, North Carolina - Dirk Nowitzki, Paul Pierce
1997
Tony Battie, Texas Tech - Tracy McGrady
1996
Ray Allen, Connecticut - Antoine Walker, Kobe Bryant
1995
Kevin Garnett, Farragut (Chicago) HS - No one of note
1994
Juwan Howard, Michigan - Eddie Jones
1993
Isaiah Rider, UNLV - Vin Baker, Allan Houston
1992
LaPhonso Ellis, Notre Dame - Tom Gugliotta
1991
Steve Smith, Michigan State - Brian Williams, Terrell Brandon
1990
Kendall Gill, Illinois - Tyrone Hill
1989
J.R. Reid, North Carolina - Mookie Blaylock
1988
Mitch Richmond, Kansas State - Hersey Hawkins, Rex Chapman, Rony Seikaly
1987
Scottie Pippen, Central Arkansas - Kevin Johnson, Horace Grant, Reggie Miller