The hero5 black is waterproof to 10m without the case, has built-in GPS, an accelerometer, voice control commands in 7 languages, supports 128GB memory cards, and does double the fps at nearly every frame rate of the Hero4, including 240fps at 720 and 30fps at 4k. May not be worth $200 to most people, but I wouldn't say they are nearly identical.
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Thank you!