the A500 had 6 bitplanes, not 5, also, with PAL being the most popular region, I'd say 320x256 was the more popular resolution over 320x200. 6 bitplanes are used for Hold and Modify (HAM mode, where 2 bits select Red, Green, Blue or Palette, and the remaining 4 bits indicate either R G or B values, or the index of the color.) The other 6 bitplane mode is "Halfbrite" which doubles the palette size for a total of 64 colors, where the second half 32 colors are half the intensity of the first half. When running with 6 bitplanes, agnus (the memory controller if you will) steals a lot of cycles for Denise (the display chip) from both the 68K and the blitter. The blitter being crucial for drawing filled polygons.
The second thing that made the Amiga revolutionary (and one could argue, for this reason, that the PCI architecture of Hombre/AAA is not a true Amiga no matter Commodore's demise) - the second thing is the way that Agnus orchestrates memory access much like the microcode inside a CPU orchestrates registers and ALUs. In particular, Agnus controls the memory address lines and chip-register-address lines; the chip-register-address and the memory address lines are opened up simultaneously against eachother with one reading and the other writing. So, for instance, when reading bitplans, agnus opens the chip bus using one of the register addresses 0x110-0x11A for BPL1DAT to BPL6DAT depending on which of the 6 bitplanes is being read; while at the same time driving the appropriate memory address by putting the contents of agnus registers 0x0E0-0x0F6 for BPL1PTL/H to BPL6PTL/H on the address bus of the "chip memory" DRAMs. The datalines of the DRAM and the special chips (Denise here) directly open on eachother (eg. DRAM and Paula chip-selected at the same time.)
I'm not sure if I did it justice and got the elegance of this architecture across in this short post. I'm sure many enthusiasts like me who got their start on the Amiga programming 68K continue to discover new things about this machine.
Good times, warm memories.