We considered it and knew someone that tried it with three yearlings.
They told us horses fought more and two started bullying the other.
There were more bites and kicks on them, they didn’t like how it worked for them.
May have been something wrong with their project, or just that more horse play is part of it and maybe not always pleasant when they have a cranky moment and are where it is hard to get away from others.
We saw where they did it and it looked like they had the widest 16’ paths, the smallest 12’ and a few larger short areas may have been 24’.
They had maybe 60’ long 14’ wide place with large steps, etc.
I would say with 5 horses you may need wider paths?
I expect how they do depends on how compatible your horses are and how active.
Forgot to add, the friend solved his problems by opening the arena up so they could go there also, where they had more space to get away from each other, while still able to use the track he had built, that went around two sides of the arena.
You can make any system work if you are creative, notice what is not working as it should and find ways to manage the situation so it works better.
Decades ago trying those systems became very popular, many looked at that and plenty tried them, whole web sites were promoting them.
If you try it, let us know what you did and how it worked for you.