Is the M5 iPad Pro worth it over the iPad Air?

If you need the brighter XDR screen, more memory and faster chip for editing or drawing, yes. For browsing, notes and streaming, the Air covers most of it for less.

How is it different from the M4 iPad Pro?

The M5 brings a newer chip and more memory for heavy apps. The design and screen size carry over, so the upgrade matters most to people pushing demanding software.

Do I need the keyboard and stylus?

Neither is included. Buy the keyboard if you type a lot and the stylus if you draw or take handwritten notes; otherwise the tablet works on its own.

It is fine for apps, notes and streaming. If you shoot or edit video, or keep large photo libraries, plan on external storage or a larger capacity.

Does it work with the Apple Pencil and Magic Keyboard?

Yes, it works with Apple's current Pencil and keyboard accessories for the 11-inch Pro. Check that any older accessory you own lists M5 iPad Pro support.

Can it replace a laptop?

For writing, email, drawing and light editing, often yes. For desktop-only software, heavy file management or many ports, a laptop is still the safer choice.