They are a pretty fair comparison, outside of engine size. I actually walked in to Audi to build at RS5SB but ended up falling in love with the RS7 sitting on the showroom floor. Picked it up CPO and haven't regretted it one bit.
Comparing the two now, the biggest difference is the overall size and motor.
RS7 feels like the luxo-barge that it is, RS5 is a bit more nimble. However, I've never had any lack of confidence tearing up twisties in my RS7. If you plan on tracking the car, the RS5 might be a better option. RS7 weights about 450 pounds more than the RS5. Just look at the two side by side and you'll understand why; there's a lot more car there. 188 inches versus 197. That overall size to me is nice, as it feels roomier and more like a luxury vehicle sitting in the cockpit. The RS5SB is very nicely equipped, and you'll get all of Audi's new touch screen tech/MMI in the RS5, but I feel the RS5 exudes a more sports car feel to the driving experience. Really depends what you want out of the vehicle, but you wouldn't be depressed with either option.
RS7 motor is a beast. I've had people scream and people laugh at the acceleration, and I'm just running a K&N air filter. Do a stage 1 tune and it's almost unusable power, but oh so much fun. There's a great aftermarket supply out there, you can get the motor down to bare bones with stuff out of catalogs and build it back up. The V8 exhaust note is one of the sexiest ones around, and you can open it up even more with fairly cheap exhaust upgrades (Milltek, 2-3K'ish) or go nuts with an Akrapovic setup (8K). The RS5 motor is a relatively new thing, and I could be wrong, but I don't think there's a lot of aftermarket items out there yet. To be honest I haven't looked in a while. The V6 exhaust note is individual preference, but I think it sounds a little wimpy considering it's got great power for what it is, and can give an RS7 a serious run for its money.
RS7 is pricey to maintain. Standard brakes will run you at a minimum $2K in parts, closer to $5-6K if done at the dealer. Turbo failure and replacement will run you just under $10K if you're looking at the dealer to fix it. The 4.0TT V8 has serious issues with oil starvation to the turbos if you don't already know; it has gotten better over different oil screen revisions, meaning you're more likely to see it in a 2014 versus 2018 for certain, but some of that is also related to mileage/timeframe as well.
Must-have options for me would be Bang & Olufsen stereo, carbon optics package, and dynamic package or performance model. B&O stereo is the best sound system I've ever heard in a car. CO package should have been on my short list up front but wasn't, and I've spent a pretty penny getting proper OE or German-made carbon bits to piece it all together. It's not impossible, I'm just about done, but it's definitely more expensive to do on your own. Dynamic package gets you the red calipers, sport exhaust and DRC instead of air suspension. Performance mode will get you carbon ceramic brakes instead of red calipers, but you'll still get the DRC. Some people like the adjustability of the air suspension, that is pretty nifty I'll admit, but I think as far as carving corners, the DRC makes for a more fun experience.
Hope that helps you some.
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