Now that Oda has officially gone through with the retcon change, I really do hope he has a great explanation because as it stands this is pretty damn awful because it is so unnecessary.
I'll probably create another thread for it, but the amount of inconsistencies it introduces is actually wild. As for the change in name itself, I don't like it.
- Luffy has now gone from having one of the most common and mundane fruits to having one of the rarest, and one so special that the WG even changed it's name. They didn't even do such a thing for Blackbeard's fruit which he stated was the most "evil" fruit in history.
- The fruit is even more special because apparently you can't even do the basic Zoan transformation into your creature that every other Zoan fruit allows unless you specifically awaken it. I've already seen a lot of attempts to excuse this away (like needing haki despite no other fruit having such a random requirement) and none of them really work.
- It is just very lazy because Oda had to create an imaginary in-verse character that had the specific attributes to explain the abilities of the fruit because no existing mythical figure actually fit it (what does rubber have to do with the sun?)...and he did so last minute, just a short while before the actual reveal in a shoehorned conversation between Jimbe & Who's Who.
- There's the obvious insane incompetence of the WG it creates as well. Sure we'll have to wait for some sort of attempt to explain it, but the very fact that the Gorosei don't know is a big problem in and of itself. Every single attempt I've seen to address this at the moment is so full of holes it's laughable. My current fear is that the attempt to explain it away will only make it worse.
Besides all that, there's the meta implication that the race for the One Piece has just been a fool's errand if you didn't eat the right fruit. Roger wanted to meet Joyboy, but to become Joyboy you had to eat Joyboy's fruit.
It's such an odd change because any impact of actually succeeding just works so much better with the gomu gomu no mi. Using one of the most despised and mundane abilities to the utmost against opponents with superior abilities vs. secretly having one of the rarest and most special abilities all along but just being unable to use it due to random restrictions.
Cherished victories don't seem so great when it wasn't really a big cat against a rubber ball, but a mere leopard against Sun God Nika. The optics just looks bad regardless of restrictions and effort.
Anyway, as for the ability itself: Gear 5 is fine. I am not a fan of the toon force affecting opponents though and believe it would be better if it were just Luffy and his environment. It doesn't do the arc that has suffered from lack of tension any favours when Luffy got up from a defeat laughing his ass off and surprised that he actually got a stronger ability he didn't know or expect to have. I expect (more like hope) that it's toned down for the finale for a satisfying end because Kaido has serious crimes to answer for, but I guess we'll see.
Edit: I like the design more than Gear 3, Boundman & Tankman, but I still think Gear 2 and Snakeman look better.