Is the M5 iPad Pro worth it over the M4?

Only if you want the newest chip or are coming from an older iPad. The M5 is faster, but the screen, design and most features carry over from the M4, so the difference is small for everyday work.

How does it compare with the iPad Air?

The Pro adds the tandem OLED display, ProMotion, Thunderbolt / USB 4 and the M5 chip. The Air is cheaper and fine for most tasks, but the Pro's screen and port are clearly better for creative work.

The iPad Pro, a USB-C charge cable and documentation. The power adapter and accessories such as the keyboard and Apple Pencil are not included.

Does it work with the Apple Pencil and Magic Keyboard?

Yes, it supports the current Apple Pencil Pro and the Magic Keyboard made for this 13-inch Pro. Older accessories built for earlier sizes may not fit.

For documents, streaming and light editing, yes. If you shoot lots of 4K video or keep large photo libraries on the device, plan on external storage over Thunderbolt or a higher capacity.

Can it replace a laptop?

For writing, drawing, editing and media it can. For software that only runs on macOS or Windows, it cannot, so check your apps before relying on it alone.