As this thread was meant as to be a review by the OP, after more than 3 years of use, I'd like to summarize my own pros and cons to The Fives as it stands today. Part of my hope is that Klipsch will improve the firmware to fix some of the shortcomings. Plus, some may still be in the market for The Fives, so I'd like to share my experience with people so they can see what might work or not work for them.
Pros:
1. Thumpy bass when Dynamic Bass is on. People are surprised that I don't have a hidden subwoofer.
2. Good cable input connectivity. Phone/Line switch for amplified vs. pre-amp input. USB audio for PC.
3. HDMI ARC input from TV to use just like a soundbar.
4. Subwoofer output.
5. Phone app controls input selection, volume, bass features, a simple 3-point equalizer, and firmware updates.
6. It only needs power to one speaker. A proprietary 4-pin cable (13 feet / 4 meters) connects to the other speaker, and a switch toggles the Left vs. Right. This greatly simplifies power routing.
7. Walnut veneer looks great. Natural cork base feel good psychologically for some reason. The dials on the top are great conversation starters.
Cons:
1a. Bass response with Dynamic Bass emphasizes a narrow band, so frequencies above and below this band will be soft. This can be distracting when listening to music with a ripping bass line. But for movies, this is not a problem, unless music with a bass line is playing.
1b. Muddy overall sound. I think this is partly due to the tweeters being tame (i.e., not bright), and partly due to the 4.5" speakers working woofer duty. For me, this compromises the clarity of both highlights and midrange.
2a. No bare wire input. You'd have to splice or get an aux or phono cable with one bare end.
2b. No Wi-Fi playback.
3. HDMI ARC to TV doesn't seem to connect as stereo. TV seems to send audio encoded in 5.x/6.x/7.x channels without downmixing to stereo. Hence, when playing movies and TV shows, you'll have muted vocals. Some apps, such as Netflix, have 5.1 and 2.0 options. But this has to be manually selected to 2.0 everytime you play something, including the autoplayed next episode. Other apps have no option, so you'll be reaching for your remote control to increase the volume for dialog (because there is no center channel) and to decrease the volume when sounds effects get loud.
4. No line-out, so you cannot augment the sound profile by chaining to other speakers. Also, unlike a soundbar, you cannot grow this beyond 2.1, so this is basically a dead-end other than the sub-woofer connection.
5. Phone app takes very long to connect, even when re-connecting after your phone screen goes off. And, the app often loses connection, so the app has to be restarted.
6. If connected to HDMI ARC, after connecting to the phone app and/or changing input when TV is off in order to listen to a music, The Fives then become muted when switched back to the TV despite The Fives responding to the TV remote as usual (i.e., On/Off/Volume).
My own take:
Con item 1: My workaround is to connect my music source by cable to a pair or JBL Partybox 100's, which have steroe aux-out. I use an 3.5mm-to-phono cable to connect the JBL to The Fives. This augments the weakness of the 100's, which have poor vocal range and a slightly different narrow bass response. The two play well together, and the volume control on The Klipsch becomes a sort of a limited equalizer to emphasize the vocals/bass. Convoluted, but works for me.
Con item 3: Possible dealbreaker if you have many 5.x/6.x/7.x audio sources.
Con item 4: Possible dealbreaker if you want to grow your system.
Con items 1a, 5 & 6: Possible dealbreakers. Sadly, I think the developers can fix these in the firmware. I'm holding onto hope for another firmware update, but after several updates I have low hopes.
As always, your mileage may vary.