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This is by far the weakest of the saw films. While it does have the gore, traps, puzzles, and twists it is by far superior to it's predecessors. However, that does not mean that it isn't enjoyable.
It does tie in many things from previous movies but however presents many questions that of course will be answered (hopefully) in Saw VI. At times I found this to be annoying because they're starting to drag this franchise through the mud.
If you have been a fan of the franchise and started to lose interest after you watched Saw 4 (or 3), chances are this movie won't win you back over. If anything it'll leave a more sour taste in your mouth.
I would consider myself a diehard fan and for the most part I was considered let down by this film. Especially after the overhyped "You won't believe how it ends!" tag-line. In theory, one might argue that this is correct because I couldn't believe how it ended. I was shocked in the fact that the ending was by far the easiest to predict and the "twist" was by far the worst of the series.
If your patience has run out for this franchise, save yourself the money and skip on Saw V.
If your a die hard fan add it to your collection (as I probably will when the price goes down) but don't expect to be blown away.
What's great about it: It's Saw, New Traps, New Games
What's not so great: Answers as many questions that it presents, Weakest of the Saw films, Overhyped Ending