5k racing is mostly high-end aerobic, so having more speed at Max VO2 is the primary goal. If you respond to short, fast intervals, then do them, but not too many too often. If you respond to long intervals, even if they are slower than race pace, then do them. The point is still the way it always has been:
1)Work on your endurance so you can hold pace;
2)Work on your specific strength so that pace is relatively low compared to your maximum sustained efforts. i.e., if you want to run a good 5k, then your mile race time should be good too.
3)Work on your speed efficiency so that your muscles are coordinated at race pace. For some people that means faster than race pace training. For others race pace or slightly slower is fine. Regardless, do what makes your legs turnover easily at the speed you want to maintain.
Mix everything together in blocks of time such as 2 or 3 weeks so that you are developing all attributes throughout the year. Emphasize one element over the other two for too long and your body is unbalanced. Find out your personal mix, how long you can keep doing one type of training before you lose effectiveness from it, and figure out how long you can go emphasizing one element before the others deteriorate.
Yes, it is cool to be an exercise phsyiologist and know a bunch of fancy terms and concepts, but it still comes down to the things I mentioned above. Every runner is a personal experiment. That is why runners around the world have been successful on varying approaches. Bill Bowerman said that principles are the only common ground of runners, and that workouts must be tailored to individual talents, tolerances, and weaknesses.