I like the flat polished bezel. And I think a dress watch looks better without crown guards. But I am splitting hairs, here, they are both fantastic watches.
5127 wears much smaller than the 5296. 5296 wears like a 40mm. 5127 also has the traditional sized font on the dial not the super big print used on the new models and the 5296. The 5127 was always a very brisk seller when in production and seen as a big improvement over the scratch magnet wide bezel 5107. The crown guards add a style flow to the whole watch.