I have always liked some of the names attached to tier sets, Destroyer, Warbringer, etc.
So why not give a special 5 piece bonus? Give the title attached to the armor, to the player, or an achievement that gives it, so if a 5 set of a tier isn't the best, the player can still get the title without (possibly) reducing performance.
<Name> the Mighty
<Name> the Wrathful
<Name> the Warbringer
<Name> the Destroyer
<Name> the Onslaught
<Name> the Dreadnaught
Siegebreaker <Name>
Grand Warrior <Name>
<Name>, Warlord of Ymirjar.
Dunno, I thought it'd be pretty cool to have more special class-oriented names. Oh wait. There aren't any to begin with.
I'll just continue being slightly less enthralled by Blizzard's Player-Character immersion.
Still waiting on customizable armor...
Edit: You would have to equip all 5 pieces at once, too, so people couldn't just pass a piece around to get the title/Achievement/set bonus.