5" is way too small for me.
I played with 300 in the local store, didn't like screen size.
All my ebooks have base font 10. I would prefer to read it at medium size, but I do it only if I have no other choise, otherwise I read small size. Although, the letters are a bit too small it is still the preferable font size for me because I get more text and a better page look/feel in general. With the medium font size the page "frame" is almost lost, just a bunch of text. That is how I felt about 300 even with small sized text.
Then again, there are people who read on 3" screens and enjoy it.
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