I watched Saw V with a good opening night crowd here in Sydney. I've enjoyed all of the Saw films, predictably liking some episodes a lot more than others, and Saw V is, again, very watchable, with some intense moments and no shortage of grisliness. But I'd still say it's the weakest entry in the series to date. The trouble is that the main narrative addition for this episode, which has to sustain half the running time, turns out to be a dramatically weak one. I don't think a Saw film ever previously failed to create excitement or new meaning via one of its big twisty revelations, but Saw V's add next to nothing. The knowledge gained doesn't force any re-evaluation of the past events it concerns; you just see and know a bit more about them, and to no great effect, except for the fact that Tobin Bell's performance is always compelling, maybe even more so when he's talking to people who aren't stuck in Jigsaw's deathtraps.
The Saw films have demonstrated an unfeasibly high success rate over time in terms of pulling off twist after twist and having them nearly all hit home. With this track record, it seems inevitable that there'd be a significant stumble at some point. They've never been bulletproof films (and thrillers are the genre that are hardest to bulletproof), but I'd say Saw V is definitely the stumble. In spite of this, it still keeps in enough with the series in general for me to be ready for Saw VI in 2009 - which I hope will be better work.