I went for the 5127R and also made a review video (http://youtu.be/N5idpXCUKuE)
The 5296 reference is a more contemporary design compared to the 5127. If you like the smooth/curved design, then there's nothing quite like the 5127.
As for the newer 5227, it has a beautifully hidden half-hunter caseback and appears HUGE due to the 39mm ref. Personally, I found it a bit too expansive, as my 39 mm Patek is a 5146, so there isn't as much 'unused dial space' there.
I'd really suggest going for the one that sings the most to you.
Do post back with snaps when you do decide, and all the best.
Cheers M.