Well the lenses that I do have would just perform that much better. No problems with the 31/1.8 and the 50/1.7, however Pentax has nothing really for the 12-24 - and they are not bringing out a 11-16/2.8 from Tokina. I do not do enough over 50 to warrant a replacement of the 55-300 with a 60-250. So, yes higher ISO capabilities of the K5 would certainly help.
However, what I am really interested in is the LOW ISO levels of the K5 - at 80 with the expanded dynamic range, that both sounds and looks very interesting. With a tripod, the lenses I have should work just fine....