Flew out of ORD T5 mid afternoon on Thursday, 12 September. Had Pre-check (P-c), but T5 has P-c lite as others have described - you are handed a laminated card at the TSA identity check station that you give to the TSA luggage scanning agent when it is your turn, and you do not have to remove your shoes and go through a metal detector, as opposed to a scanner. The queues to get through TSA identity check and luggage/personal scanning took 45 minutes on the aforementioned date.
A word of advice to the FT community regarding T5: Avoid the last queue to the right that goes towards the scanner/metal detectors. I noted that airline crews use that queue and are given priority - go to the beginning of the line and everyone behind them has to wait. There was a large airline crew that did this, resulting in at least an extra 10 minute wait for passengers in that queue.
Thanks for the update for Terminal 5. When it works for my flight hours, I now generally find it faster to go through security in another terminal and take the Terminal Transfer Bus to Terminal 5.
I am surprised that there still is no separate Precheck lane now that Frontier has moved to Terminal 5.