Hey Josh,
I've been looking into 5.x as well to see what was coming down the pipeline. I had heard that Sencha was going to implement an MVVM solution back at their last SenchaCon, but I had no idea that it would be so close to GluJS. They even went as far as using "glue" in the introduction of how they were going to implement it. I also thought it was interesting that they chose to use the word "formulas" instead of "reactors", which seems to be the MVVM standard.
At any rate, I haven't had time to get down and dirty with the new library yet, but I'm excited that they are realizing the error of their ways with MVC and have implemented a better solution that others can use. I'm not sure that they have addressed item templating or translation in their implementation, so I'll be sticking to GluJS for the foreseeable future :). And there wasn't any mentioning of unit testing, which is one of the things that we like to push for with GluJS as well.
I noticed too that there were a lot of comments about how people didn't like having to continuously change their entire app architecture between each new release of the library. 3.x -> 4.x and now -> 5.x... all with completely different methodologies, syntaxes, and problems ;). Many people were upset with the 4.x series because it brought several problems with performance that they didn't like. This is one of the strengths of GluJS. Its fully compatible with 3.x, 4.x (and probably 5.x) right out of the box. They may have changed some things here and there, but we'll make sure 5.x works as they get closer to releasing it.
In the end, I'm glad that people are going to be able to take advantage of the MVVM pattern, and I hope that they are able to push the pattern through to people without much resistance. I know that for me, it was a very large mental leap to fully embrace the reactive methodology that MVVM requires you to take... but once I made the leap, I've never looked back :).
That's my 2 cents... take it for what its worth :).
-Ryan