For me, I prefer land with some slope. Irregular land.
The farmer looking to put in 20 acres of lettuce, or 50 acres of
hay wants the flat land.
It is easier to run tractors and other machinery on flat land
Easier to set up irrigation.
For these reasons, 'good bottom land' seldom stays on the market for long, and fetches higher prices.
For these same reasons, you have less competition for sloped land, and can generally get more acreage for the dollar.
Sloped and undulating property offers much more opportunities to work with 'edge'.
Edges can be some of your highest production opportunities.
Where
canopy and open field meet is often the areas of highest diversity - flora and fauna.
Edges are where microclimates can give you a 1 or 2 zone
boost, allowing less hardy plants to survive in your area.
The typical farmer only has 4 edges - his property lines. And it doesn't vary much at, or beyond the edge.
As Adam pointed out, mapping out and planning will be easier on flat land.
However, I believe that planning on sloped land tends to force you to think 3 dimensionally, vs putting the whole thing on a 2-D piece of graph paper. To me, this is an advantage, because your final product will be 3-D. I think the end results would be better if you went into the project with a 3-D mind set.
I think that I would get bored with 5 acres of flat land.
Five acres of undulating property could keep me occupied a lifetime.
Obviously, you don't want something that would challenge a mountain goat.
After all, you still need to get around it to work it.
Good luck where ever you chose.