I had looked at the 5119 and thought it was both elegant and sufficiently versatile for daily wear. Clearly among the more formal of Patek's offerings but that's not a bad thing IMO.
It's very similar to it's predesessor, the now discontinued 3919, just 3mm larger at 36mm and with a display back. Although perhaps a more modern size, the fact that it retains the original 215 movement is a problem for some. Please don't misunderstand, the 215 is the workhouse manual wind PP movement but it's such a perfect fit for the 3919 case size that it seems a tad bit out of place in the larger 5119. The 3919 was the epitome of the elegant dress watch and somehow the 5119 might seem a bit "stretched".
I like the 5119 but just didn't love it. If the movement/case size disparity is acceptable to you then I think it's a terrific watch that will look as great 20 years from now as it does today.
In reality the size issue is not that big a deal and certainly much less an issue than with the 5196's. It's easily recognizable as a Patek, has proven reliability, and as classic dress watches go it's hard to find one better.