Announced in November of 2019 and released in 2020, G5 is essentially G4 but in a different art style. This generation seeks to continue marketing the Mane 6 from the previous generation, G4/FiM, as the main characters. The show this generation will be based off is called Pony Life, and while animated shorts have been released, the actual show does not have a definitive launch date as of yet. Toys have, however, already been released. If I said G4 was the least-equine ponies we've ever had, I take that back! Pony Life definitely stole that title.
I do like the departure from the previous generation in terms of hoof feathering being a feature of male ponies only, and the attempts to be environmentally friendly with packaging, as well as the step up in quality are encouraging! I will reserve judgement until later on.