I have no experience with wm5 so I'm not sure what you're missing except that I think I know wm5 has icons for the start menu instead of a list. Is that right? There is a free download called "gStart" that will give you the icons instead of a list. One caveat...it might not work.
I say that 'cuz I had it on my 200 which has wm2003 on it and it worked flawlessly. When I first got my 220 (wm2003se) I loaded gStart and it wouldn't work (couldn't open folders on the start list - only worked with direct program links). I searched around and found another free program call "AbstractStart" which also gives icons. It worked, but without lables on all those icons I just didn't care for it...but, it worked!
A few nights ago I did a hard reset and reloaded my 220 and added a program called MyTools. I've also recently added a program called SmartScroll. I'm not sure which one, or if it's the combination of both...but all of the sudden gStart is working on my phone!
I wasn't even gonna load gStart and then decided to since it's easy to move and copy and rearrange the start menu using it. So, it was the last program I loaded on my phone. Now it works as you'd expect - almost.
What I mean by that is, after completely loading my phone and finding out all of the sudden that gStart was working I decided to use it to rearrange the order and change the icon highlight style. When I was done doing that...it would no longer open folders again.
So, I hard reset once again reloaded everything - myTools first, gStart last - didn't mess with any gStart settings and it's working as an icon start menu just fine. I'm happy to have it back.
Not sure what else you miss from wm5, but maybe you should check out gStart and see if it works on your phone - or, see if you can deal with AbstractStart. Some people like the clean look (no lables).