What it replaces
The M5 iPad Pro replaces the M4 iPad Pro, which used to be the best tablet money could buy and has now become the second-best tablet you can get.
The only effective difference between both models is the processor, Wi-Fi 7 support, and support for fast charging — the M5 iPad Pro can get to a 50% charge in around 30 minutes with a 60W adapter. Everything else — display technology, cameras, speakers, capacity, size, and weight is exactly the same (bar memory bandwidth and installed memory, which is higher).
The differences between the newest model and the M2-powered iPad Pro introduced in 2022 are a little greater; these include the processor, better display technology, more CPU cores, camera improvements, and greater screen brightness and resolution.
