Alright, I'm gonna post some non anecdotal data about the differences. This is info taken straight from any final drive calculator you can find online. A final drive calculator takes into account transmission gearing, rear axle gearing, and tire size to give you what's know as a final drive ratio, or an effective gear ratio.
All data was assumed for stock trucks, a 3.21 8 speed, and a 3.92 5 speed, assuming both are on the stock size 33" tires.
The 8 speed transmission has very low gears in first and second. This is why they can run a higher gear in the rear. Gear ratios are as follows, in order of 1/2/3/4 etc
8HP70: 4.71/3.14/2.10/1.67/1.29/1.00/0.84/0.67
545RFE : 3.00/1.67/1.00/0.75/0.67
With the data from the final drive calculator, we end up with effective gear ratios of:
8HP7015.12/10.08/6.74/5.36/4.14/3.21/2.70/2.15
545RFE: 11.76/6.55/3.92/2.94/2.63
Comparison of the two sets of data shows that the 8 speed truck carries a significant advantage, as it's effective gear ratio in first gear is roughly 25% lower, resulting in better off the line performance, and more torque available for towing. In second gear the 8 speed now is still within 10% of the 5 speed's first gear effective ratio. Shifting again into 3rd gear on the 8 speed, your effective ratio is now nearly equal to 2nd gear on the 5 speed. Even when the 8 speed is in 5th gear, it still has a slight mechanical advantage over the 5 speeds 3rd gear, as the 8 speed is still in an underdrive gear while the 5 speed is in its direct drive.
In terms of hwy fuel economy, he who can move the fastest with the least RPM wins. Though both transmissions have the same final overdrive ratio of 0.67, the 8 speed truck wins because of the higher axle ratio, resulting in the 2.15 ratio compared to the 5 speeds 2.63.
In summary, the 8 speed transmission allows the engine to stay within its peak power and torque, meaning better acceleration and performance, and offers a lower RPM in overdrive.