
5" Racing
Here you'll find links to the best performing products for 5" racing drones based on my testing over on AOS Labs and my own experience and research. Some of these links are affiliate links (affiliate policy).
Motors

AOS Supernova 2207
More torque, more power, and better efficiency. The Supernova is the first 5" Motor optimised using over 20,000 electromagnetic finite element simulations built on data from real world testing of 50+ 5" motors. This is the new performance benchmark for 5" FPV and is a step ahead of anything that has come before. Designed by AOS and built by RCinPower.

RCinPower Wasp Major 22.6-6.5 2020KV
One of the very best performing 5" Motors available right now in my testing. With strong performance in every category RCinPower have delivered an exceptional motor. Perfect for a high performance 5" freestyle or racing build. 2020 KV provides the maximum possible performance but will draw more current from your battery.
Electronics Stack

iFlight Borg 5S 60R Stack
An interesting FPV racing stack from iFlight. A combination of a chip style antenna and a U.FL connection for an external antenna provides the option to run without an external antenna for super clean builds or add one for better range/penetration. I would always add a small T-style U.FL even for close range use to give the best link stability at the highest ELRS packet rates. The flat flex cable between the ESC and FC is a strange choice when SH1.0 has been a common standard and aan FFC doesn't seem to be any better or worse than SH1.0. A modern gyro (ICM42688) and 16MB of flash storage set you up for success with tuning. A 12V BEC with a switch and built in Analog OSD is a nice feature for analog pilots using VTXs that don't support up to 8S voltage. An 8S ESC with a 65A burst current rating (which is believeable from my testing!) provide all the power you need for a 5" race build. For digital racing it's worth checking out HDZero's stack but for Analog this is hard to beat.

HDZero Halo Stack
HDZero made an FC+ESC stack! This has the most complete range of features for DIGITAL Racers and Freestyle pilots that I've seen (but NO ANALOG OSD). Integrated 2.4GHz diversity ELRS receiver with support for 2x Standard U.FL antennas. 16MB of Blackbox storage for tuning. 5V/4A and 9V/3A BECs to power all your peripherals (especially if they don't natively support 8S voltage) as well as 4x free UARTs and an I2C Bus. An 8S capable ESC with full size FETs and a 100A burst rating. There are different versions, I would choose the ICM 42688 Gyro (modern and more reliable than current MPU6000s) and either the BLHeli32 or AM32 ESC (they both perform well in my testing).

TBS Lucid H7 Flight Controller
A microSD card equipped flight controller with a rapid STM32 H743 processor that supports Betaflight, iNav and Ardupilot. Although expensive this board is NDAA compliant for commercial applications. A dual ICM42688 gyros support the latest features of BF4.6. 7x UARTs, 2x I2C Bus, 1x CAN Bus makes this board perfect for more sophisticated drones with a lot of peripherals.

Skystars Fly Stack - F722 Mini HD Pro FC + KM55 55A AM_32 3-6S 4-in-1 ESC - 20x20
This is the dark horse of 20 x 20 mini stacks with a very special secret. F7 processor and 55A AM_32 ESC. AM_32 outperforms BLHeli_32 on my test stand and depite my best efforts torture testing motors I have been unable to kill this thing. For a high power 5" quad I wouldn't buy anything else today.

T-Motor Mini F7 Stack + F45A 3-6S BLHeli_32 4-in-1 ESC
T-motor have a great reputation for quality and reliability. This F7 stack and 45A ESC is a safe and solid choice with all the functionality you could want on a flight controller.
VTX

DJI O4 Air Unit
This lightweight air unit supports up to 4K/60FPS onboard recording in a lightweight form factor. The recording quality is a huge step forward for micro quads which cannot carry a Naked GoPro. The voltage range (2-3S) is quite limiting if you don't use a flight controller with an onboard BEC to provide power although there are even some 1S FCs now that include a step up voltage regulator for O4! This is the first time a DJI has released a compelling VTX for toothpick and micro drones and in many ways that makes this more important than the O4 Pro for sub250g pilots.

DJI O4 Pro Air Unit Pro
DJI latest Air unit supports onboard recording up to 4K/120fps at 100 MBps a 155 degree FOV and a large 1/1.3" sensor for even better fidelity and visual quality. As with all DJI Air units the price point is quite high but the overall user experience is very good. The camera has a strange mounting pattern which does not fit all FPV frames, make sure you check out the V5 versions of AOS frames which support DJI O4 Pro. If the quality of the onboard recording is critical for you this will be a worthwhile upgrade over O3. If not then you may want to stick with the O3 system for now.

HDZero Race V3 VTX
If you're a racer then HDZero is the HD system for you and this VTX is designed for 3" and 5" racing quads. Make sure to use a flight controller with at least a 5V 1.5A / 9V 1A /12V 1A BEC. This VTX cannot be powered from battery voltages above 2S.

Foxeer HDZero Race VTX
Foxeer made a HDZero Race VTX! I actually prefer the specs of this VTX to the HDZero one because it can be powered from up to 6S LiPo voltage! Everything else is the same as the HDZero Race V3.
Receiver

RadioMaster XR3 Nano Multi-Frequency ELRS
This is a quality ELRS receiver from Radiomaster that supports full Diversity across 2x Antennas. There are versions with 900MHz, 2.4GHz or Dual-band (2.4Ghz + 900MHz) antennas. 2.4GHz is ideal for smaller builds and racing. 900MHz is perfect for larger long range builds. 2.4GHz + 900Mhz gives the option to use either band but be aware this receiver doesn't support Gemini Xband for concurrent dual band use.

RadioMaster XR4 Gemini Xrossband ELRS
This is a quality ELRS receiver from Radiomaster that supports Gemini for two concurrent radio links 2.4GHz and 900MHz. This gives the most secure link whether you're racing close range or flying long range. You can choose between 2.4GHz + 2.4GHz (ideal for racing) / 900MHz + 900Mhz (ideal for long range) / 2.4GHz + 900Mhz (maximum reliability if there is a risk of interference). Make sure you have a TX module that supports Gemini to get the full benefit.

BetaFPV SuperX Gemini Xross Receiver
This is a low cost ELRS receiver that supports Gemini for two concurrent radio links 2.4GHz and 900MHz. This gives the most secure link whether you're racing close range or flying long range. You can choose between 2.4GHz + 2.4GHz (ideal for racing) / 900MHz + 900Mhz (ideal for long range) / 2.4GHz + 900Mhz (maximum reliability if there is a risk of interference). Make sure you have a TX module that supports Gemini to get the full benefit.

MATEKSYS ExpressLRS 2.4GHz Receiver - ELRS R24 TD
I've made my mind up. I'm only recommending ELRS moving forward. At this point it does everything better than any other radio link. LoRa for range and penetration, yes. 1000Hz update rate for crazy low latency, yes. Loads of manufacturers are making receivers for ELRS and I think this diversity offering from Matek (antenna diversity only) is certainly among the best performing and most reliable.

Happymodel ExpressLRS Nano 2.4GHz EP1 RX
Happymodel were the first to bring out ELRS hardware and their EP1 and EP2 receivers closely follow the developers reference design and are incredibly tiny. I lean towards the EP1 as the UFL antenna is much higher performing than the ceramic antenna on the EP2.
Props

HQ R38
For racing responsiveness, thrust and efficiency are key. The R38 offers similar or even more thrust to the R42 at higher efficiency so is my pick.

HQ 5x4.3x3 V1S
I've tested virtually every 5" prop out there and these were the best all rounders. They really stand out for excellent vibration performance and top end thrust while being lightweight and responsive.
Batteries

SMC RS 1600mAh
In my testing, the SMC RS packs delivered the highest energy density, highest burst power and lowest voltage sag of any FPV LiPo battery. They won every test, beating everything else I've tesed, often by a large margin. If you're a racing pilot, these are championship winning packs. If you're a freestyle pilot they'll provide the most dynamic flight performance you've ever experienced.

SMC RS 6S 1400mAh
In my testing, these SMC RS packs delivered the highest energy density, highest burst power and lowest voltage sag of any FPV LiPo battery. They won every test, beating everything else I've tesed, often by a large margin. If you're a racing pilot, these are championship winning packs. If you're a freestyle pilot they'll provide the most dynamic flight performance you've ever experienced.

Bonka U2 1380mAh Ultralight Racing Battery
Difficult to find in retailers right now. This has all the hallmarks of a Halo product made from the very best cells available (similar to a top binned CPU/GPU). Incredible performance but it remains to be seen whether Bonka are able to make lots of these!

Ovonic Rebel 2.0 6S 1400mAh 22.2V 150 C Lipo Battery with XT60 Plug
This pack is at the top of the Ovonic Range. It lives up to it's rating providing enormous power and great energy density. Hard to find right now but a great performing pack.

DOGCOM MCK 1380mAh 160C
A larger pack with excellent burst performance and good energy density but a little on the heavier side. DOGCOM have good results in my testing so this is another solid option from them.

GNB 1300mAh 120C LiHv
These are High Volt packs that charge to 4.35V/cell. They have the best energy density for long flight times and deliver decent burst performance and minimal voltage sag.

Tattu R-Line Version 5.0 1200mAh 6S1P 150C LiPo Battery
Where battery performance is critical Tattu R-Line packs have a good reputation for delivering more power at a lighter weight. You pay a little more for the extra performance.