5 miles is a lot longer than you think (flight has to be done beyond 5 miles from, as understand it, any airfield). even if controller can do 1500 feet or whatever, that's out and up. FCC limits you to 300 or 350 ft high. also, all the cool articles on joystiq and engadget are for the next gen version which has all the real simple gps stabilization and is the easiest thing ever to fly. Finally, with all that you can still easily crash and when you do you will break a motor and unless you are masterful at soldering, you will end up with something that is of no use.
yes, I did that, bought 4 batteries, an awesome travel case, and a replacement motor, but don't have the guts to fix the thing. Yes, this is older battery technology; you can get cheaper knockoffs from China than gen 2, but it still is 1/2 a grand.