Developers cannot always immediately upgrade to a new release. The reasons can vary from their employer's policy to a desire to ensure that VS2015 proves itself to be stable out in the field. For these reasons it is encouraging to see Microsoft continue to support VS2013 through its release of Update 5.
Feature-wise, this release is focuses on 3 areas. The first is to have the ability to specify where cloud-based load testing in Azure takes place to better reflect where your customers are coming from or just to experiment with different global regions. Queries can be written in when using Visual Studio Online or VS2013 to use a current iteration token (which automatically adjusts based on the current iteration that the team is in.) One caveat is that is not yet supported in Excel-based queries. Last but not least is the ability to rename Team Projects and for the new name to be used in local workplaces.
The bulk of remaining new items in Update 5 have to do with bug fixes. Debugging Unity-based projects on Windows Phone is improved, and a non-dismissible license notice has been fixed. There were also some changes made relating to improve branching in a project, code check-ins, and pending changes.
As with previous updates, Update 5 is cumulative meaning it is not necessary to install previous updates before applying this one. Microsoft has updated their download page so that all fresh downloads of VS2013 products will come with Update 5 already applied. The knowledgebase article for Update 5 provides full details and the most direct link to download locations.