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I wish the Padfone was available on VZW. When I get a tablet, I won't be paying for data. And since I figure I won't be using BOTH my tablet and phone at the same time, this makes perfect sense as it keeps your phone nearby.
But honestly I'm really just waiting for a 7-8" tablet with good specs (2+ gigs of ram, SD slot, 1080p+). Between home and work, plenty of time for the tablet to grab all my news feeds & updates over wifi.
I think these devices attract two different customers/users. If you are in the market for a new phone and want a tablet as well, the padfone becomes a good choice. The ability to have a single data account is key.
Keep in mind, if you lose or damage the phone you have nothing but a slab as it uses the phone electronics to do most tasks.
Personally I rather have 2 separate devices.
The S5 clearly out shines the Padfone with it superior specs. 5.5" of real estate is decent but it's not a 7,8 or 9" tablet.
I would opt for the S5.
Jeffery makes a good point.
If you only need a new phone, the S5 is probably better, but only marginally so.
If you need a new phone and a new tablet, the padfone may be the better option.