What you described is exactly what happened when I found GURPS Traveller upon release. I was in a game store looking at RPG new releases and saw GURPS Traveller. "COOL!" I picked it up, flipped through it, and put it back down disappointed.
That matches my experience also, except I actually bought the GURPS Traveller book. After reading through it though, I couldn't escape the feeling that it was a guidebook for how to emulate Traveller using GURPS, not a new version of Traveller. The fact that they also switched meters out for yards was off-putting as well. Not only an emulation, but an unfaithful one.
I had a similar but lesser reaction to T4. I picked it up hoping for a sleek new version of Traveller I could get my group excited about, and wound up just not that excited.
I keep coming back to a quote from a famous computer language designer - "Smalltalk is a better Smalltalk than C will ever be", (said by Bjarne Stroustroup about the language "Objective-C", a competitor to his own "C++" language).
So that leaves me wondering if T5 will feel like some other game emulating Traveller, or if it will feel like "real Traveller" the way that the LBBs do and to a large extent MgT does.
For the record, I missed out on the whole MegaTraveller and TNE periods - I did play some LBB (well really TTB) Traveller in the late 80's, but by the 90's my group was all "AD&D2e or Nothing".