The MT5s do have a little less brake power, the levers/masters have a different leverage ratio compared to the MT7s (longer levers and slightly different pivot location)
I test rode the MT5s against the MT7s at my friends shop test fleet on the weekend. Both versions have really good power and are easy to modulate. The MT7 was OEM-specced with the reach adjust screw from the MT5 (you´ll need a T25 to adjust reach, but can put the lever much closer to the bars).
The calipers look great on both brakes, but the MT5 levers have really a utilitarian look to them. They seem to be the AK47 of brake levers. They look super shonky and cheap, but they work.
The MT7 lever is a piece of engineering/manufacturing art though. Feels smoother and sturdier, looks much sexier.
The BAT isn´t really a bitepoint adjust though, it rather influences where the lever throw starts. Not a big difference.
Yet - after riding both Magura MT 4pots I bought a set of Shimano Saints. The lever just fits my hand better, power is plenty and I got the bling Saints much cheaper than the MT7s - also I have several pads, bleeding kit etc. from my Zees and other Shimanos.
The Maguras are really nice brakes, no doubt. But I didn´t love the lever ergonomics on both brakes and while I liked the MT7 well enough, I feel they are a bit pricey for what you get over the MT5. The MT5 however are let down a bit by their lever. Great for a park-bike - get dinged up anyway.
But somehow I didn´t want them on my nice carbon Enduro.
But that´s really all down to personal taste.
New Shimanos, Maguras, even the Sram Guides are all super nice brakes.