So its taken me a while just to get 5.0 to connect to my 3.7 sp4 site, but I got there eventually. But when I tried to do the first run at a migration I got a number of errors.
First is that all my users failed. I think its because they have a \ in the name because the are all domain accounts. eg
second is that all my templates failed
and then because my templates failed the pages did also
Oh and yes I have copied over all the files to the relative folders in the the 5.0 project