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I went through this procedure and can confirm it successfully transferred my 2014 balances and I was able to mine more coins on top of that as we sit here at block 769528. I did not need to install the old client, run importprivkey or any of the additional steps in Sravas's description.
I also confirm that old v3.2.0 wallet.dat can be recovered just by file replacement without privatekey importing.
However I'm
nor sure if every version of old wallet.dat will be recognized by V5 without problems.
For example, V4 wallet.dat (year 2015 POS etc.) synchronyzed years ago after block 699 999 may not work(if you have delete v3.2.0 wallet.dat and are keeping v4 only).
Privatekey dumping - importing is universal procedure and must work ever (for coin amounts confirmed before block 700 000).