With a lot of anticipation for the next big hangouts update in hopes of reducing lag and changing the UI, the 5.0 update is now rolling out to some users, only to bring small tweaks and big fixes. Confirmed fixes include GIF support and some very minor visual changes, such as the brief intro screen that Google has incorporated into all of their apps. Other than that, I have not noticed any changes within the app, and the performance and speed has not improved that I can tell.
Hit the download link below to try out the 5.0 update and let us know if you find any other differences. The download is 30.19 MB