LW 5 is built on Java 1.6. The only OSX computers that can thus run LW 5 are the intel macs with 64-bit abilities for 64-bit Java 1.6
To be honest, if you do not have an intel mac, I do not believe you are missing anything. LW 5 looks totally different & I'm not exactly wrapped about the way it works. It's designed for dumbies who know nothing about p2p sharing, especially those who barely know how to turn a computer on. They've taken all the advanced features out.
If you do have an intel MacBook, then do a software update. Go to Java preferences found in your utilities folder & move Java 6 up the heirarchy to 1st or 2nd.
Setting up Java for Leopard