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Let's say the 5%ers get 3 board seats and replace the CEO.

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Oh, come on, this group had to scrap together a bunch of disparate shareholders to reach 5% just to get this far.
The likely outcome IMHO (and I know nothing here) is that they end up with a single one BOD seat and no impact on the CEO's position.
But, maybe they don't even get one BOD seat. As there appears to be no cumulative voting, (unless that has changed from last year), they will have to vote tactically just to obtain one single BOD seat, unless you all overwhelmingly support them.
I found this in last year's Proxy:

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The five nominees for election as directors at the Annual Meeting who receive the highest number of affirmative votes will be elected, provided that a quorum is present at the Annual Meeting. Stockholders are not permitted to cumulate their votes for the election of directors. Votes may be cast for or withheld from the directors as a group, or from any individual nominee shares that are not represented at the Annual Meeting, shares that are withheld and broker non-votes, if applicable, will have no effect on the outcome of the election.

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5% is a far cry from taking over a company. Maybe they will provide a fresh view to the current BOD. Unless you all vote along with them, I just don't see how they can have the power that you all are giving them. Their only power is if you vote along with them. And, you will only vote with them if you believe that voting with them will benefit you.
My take is that they will have a positive impact on the company, (and I know nothing here, as well), regardless of whether they win any BOD seats or not, by forcing the BOD to be more "honest."