Although it's my least favourite season of B5, Season 5 is definitely a decent season of TV, even if you don't count Sleeping in Light. The first half does suffer somewhat because the telepath plotline, while OK, wasn't really "big" enough to fill all the time that was allocated to it, but I definitely wouldn't want to give up The Very Long Night of Londo Mollari or Day of the Dead and seeing original Na'Toth again was great. The second half was pretty much consistently strong and The Fall of Centauri Prime is clearly one of the best episodes of anything ever.
Overall, there were some drawbacks to the season in general. I didn't think Sheridan and Delenn got enough cool stuff to do and I missed Ivanova. The backstory between Sheridan and Lochley was... ill-advised and it did sometimes feel like the story was over now that they'd taken back Earth.
On the other hand, Garibaldi and Lyta got some excellent stuff and the last few episodes shuffled most of the characters off the stage in a dignified fashion (poor, poor Lennier, though...). Ultimately of course, this was Londo's season and I thought his story was wrapped up very well.
I wasn't nuts about Sheridan's goatee, though. Should have kept the full beard from the end of Season 4!