While not quite as schizophrenic as number 4, it's not that sure of itself either.
It's as if there was a general feeling around 2002-2003 that 3D fighting games had to have elevated arenas and walls to be, well, a 3D fighting game. When Virtua Fighter introduced those elements in the third game, that was apparently a global "go" for others to follow, and while Dead or Alive had little to lose, already essentially being Virtua Fighter lite, Tekken had fully working mechanics of its own that were practically thwarted by elevation and walls. Until Tekken changes dramatically at its core, the open, endless arenas will always work best, and that begs the question; what should give?
To me, and probably other fans around the world, Tekken has its own personality, not only through its story and characters, but also due to its rush based, constantly flowing gameplay. Walls do little besides stopping that gameplay in its tracks. What we get in return is a hugely poke based game that's seemingly holding back on it's potential.
So, what's better this time around apart from the removal of elevation and lame positioning throws? For one, there's a whole lot more to do here if you're a solo player. The Devil Within mode is a functional action game and offers some throwaway fun aswell as "insight" into the Jin story, but mostly it's there for you to earn money for cool items. Tekken 5 has taken the VFNET system of Virtua Fighter 4 to its heart and given characters an assortment of neat accessories. Although not as fleshed out as in Sega's game, this does offer some extra incentive to go at it alone.
Arcade mode also works in similar fashion to the Kumite/Quest modes of VF4, and lets you rise in rank and beat a steady flow of AI opponents while earning said money. Story mode, much like it sounds, offers the story of the character you pick, but it's not nearly as exciting as you'd hope. Many characters still basically share endings, and some are just completely pointless, but I guess it's still the closest thing to a real story mode in a fighting game that's actually GOOD.
It's difficult to say if this is the best Tekken to date, because the foundation is so different now. As I mentioned before, much of the standing in place and poking of Tekken 4 is still in here, and slows the game down considerably compared to something like TTT or Tekken 3. There's definitely excitement and fun to be had against an opponent of comparable skill level, but the same can be said for a lot of fighting games.. and games in general.
So, while this is a step up from Tekken 4, it still strikes me as unsure of what it's really trying to be. Perhaps the next game in the series has a straight answer.