Aside from the water resistance, I'm not aware of any feature possessed by the S5 that I'm interested in.
Performance wise I don't think the S5 is any faster or smoother than my Note 3. And I can't personally detect any improved screen resolution although the S5 might be slightly brighter.
I'm personally more interested in the greater screen real estate as I use my Note 3 as my primary reading device. And the S pen has become an essential for me.