This document discusses new features in Laravel 5 including changes to the directory structure, Blade templating, commands, events, form requests, helpers, route caching, middleware, controller method injection, changes to Illuminate packages, Elixir, Socialite, contracts, and upgrading from Laravel 4. It also provides an overview of Laravel Homestead, a virtual machine environment for Laravel development that includes PHP, MySQL, and other tools without requiring installation on the local machine.