Using the K5 ended up being a very pleasant experience. While in theory I like the idea of speakers on my MP3 player, it is not something I really need, and is something I see at being aimed more at frequent travelers (the K5 would be great in a hotel room or as an alarm clock), someone that has impromptu parties or picnics, or listeners who are not interested in using headphones all the time. I could see using the K5 for music at the beach, but I don't even want to think about what sand could do to the hinge or the speaker grille. That said when the need arose, I was able to flip open the speakers and let everyone listen to my tunes. Despite its small size the player can get quite loud, not enough to hurt your ears, but enough to take over a small room. While the quality tends to be just OK, there is no distortion due to bass and close to no volume distortion.
Among the extra features I really appreciated the alarm clock and FM tuner. These are both features lacking in my Nano, ostensibly because Apple hates radio and because an alarm clock would only be useful if people slept with their earbuds in, which is unlikely. Using the alarm ended up being when I was most able to appreciate the speakers and waking up to a good song instead of a annoying buzz was rather pleasant. Like most other players the K5 can also display photos. Images look good on the OLED display (though the colors are somewhat distorted) and they can even be set up to display as a screen saver, but this still seems relatively useless to me.
Overall I was happy with the audio quality of the K5, but not blown away. When using headphones I found the audio to be solid, with no major problems, though it was not very customizable and the preset EQ setting did not seem to affect the sound that greatly. The player is capable of getting quite loud, just like the iPod, so it can power nice headphones if you are into that sort of thing. Flipping the player open changes everything around because now you can throw those headphones right out the window and listen to the speakers. Here the sound quality is not great, but considering how tiny the speakers are I was quite impressed. The sound is not has tinny as I expected and while they can't deliver a lot of bass or insane volume, they are more than enough for a small room or car.
The K5's battery life is said to be 30 hours with headphones and 6 when using the speakers. Keeping the volume at a listenable level the battery life generally tested in at about 28 and 5 hours, respectively. If you ramp up the volume there can be a slight negative effect on the battery life, but all told, the K5 just about hits the mark in this respect.
Conclusion
Love them or hate them, Samsung is definitely on the right track. The K5 proved itself to be a flash-based portable music player that is completely unique and very stylish, but still easy and fun to use. It is not the lightest or cheapest available, but it's good looks and built-in speakers make it a very attractive product. I found myself missing Itunes, but it's interaction with the computer is fine and it's earphones are way better than Apple's. For those people who don't want the extra bulk, Samsung has the K3, which is the same unit, but without the speakers, so it is a product is will be quite competitive with the new iPod Nano.