My DS is 4 1/2, so not quite 5 either, but I thought I'd add my list, as this thread has been helpful to me as well...
This is what DS will be getting from us and grandparents:
a Haba play scale
a couple of small Playmobil sets, all ocean related
a Curious George board game
Ewok Lego set
Yoda Lego minifigureHaba cash register
Haba wooden coins
Felt play money, made by me
Play silks, dyed by me
A call bell (for pretend play)
snow block makerThe Silver Spoon for Children
(DS loves to cook)
A good quality domino set
Green Toys dish set for the play kitchenLego digital camera
- he will be so excited about this one!
Some CDs by They Might Be Giants
A floor puzzle
Some new hardcover books
We got him Automoblox last year - very cool high quality toys, but he never got into them too much. We can't go wrong with Playmo or Legos for this kid. One gift that went over VERY well last year was a Quadrilla marble run. Those things are awesome. We got a couple of extension sets and it still gets played with all of the time. It's great quality and nice to look at, too. I imagine we'll be playing with it for years to come. If DS wasn't already getting so much, I'd get another extension set for that, for sure.