Originally posted by reed_page
If you like primes, the Pentax SMC DA Macro lens 35mm f2.4 is a bargain lens. Durability is so so, but the image quality is amazing. New they can be had for under $200 on the web.
I'm guessing you're refering to the SMC Pentax-DA 35mm f/2.4 which is not a macro lens.
If the OP is looking for a great zoom upgrade from the kit lens, I've used the DA 16-45mm f/4 on my K-01 (same sensor as K-5) and it performs very well. I wouldn't hesitate to recommend it to anyone looking for a multipurpose, affordable upgrade to the kit.
In general with Pentax's currently available lenses, anything with a DA* label or a "Limited" label should perform excellently on the K-5, assuming of course you have a properly functioning kit. Also all the D-FA macro lenses.
If those lenses are above your budget, there are some great DA and FA primes currently available, namely the aforementioned DA 35/2.4 as well as the FA 50/1.4 (I think it's still available new). For zooms, you can't go wrong with the DA 16-45 f/4 and if you need more speed, the Tamron 17-50 f/2.8 is said to be superb.
If you want to go used, I highly recommend browsing the excellent Lens Review database here at Pentax Forums.