I've dug through the Answers and Help files searching for an official answer, to no avail.
It might be beneficial to add this to the Studio One 5 General Help page!
Are Studio One 3/4 files fully compatible with Studio one 5? Are there any changes that should be made to sessions before opening them in S1 5?
And
Is S1 5 a complete, separate, and independent installation from other versions?
Cheers