As a present owner of both, TT to Florida in winter and 5W on owner lot in summer, I believe that a person has to weigh the pros and cons, just like any other decision.
Aside form the issues of space, weight, construction, tow ability, etc., there is one factor that is usually missing in the comparison of fifth wheels and travel trailers. That unaccounted for variable is view to the front.
I spent summers for 15 years in an Airstream. As you know, these units have lots of windows, including ones that wrap around the front. But it was, even at 34feet, quite small in terms of available living space and really lacked storage. So I decided to get a 40’ fifth wheel, which solved two problems, but created another.
We own the lot, lake in the back, with roadway and park in the front, and we became accustomed to watching people pass and kids playing outside our front windows. Although we gained a terrific space at the rear of the fiver to look at the lake and view sunsets, there is definitely a big component missing without that view to the front. It’s really a big deal.
In summary, if you watch a lot of TV in your lounge chairs or often entertain friends across your dining room table, it doesn’t really matter what you buy. On the other hand, the design of most modern fivers can cause a claustrophobic effect, which can catch people off guard. Fivers with a front window can be found or one could opt for a rig with a front living room, but these options might be considered as niche markets and models like these may limit your buying choices.
Just something to keep in mind for those that think buying a fifth wheel is “moving up.”