Step 5 for me is about three things:
Honesty (Rigorous Honesty)
Humility (Ego Deflation)
Freedom (from Shame, Guilt, Remorse)
Honesty - I had begin learning to be honest about my thinking and my conduct. I had to learn a new concept of honesty, of honesty as clarity about reality. I had to learn about "rigorus honesty" about working through the discomfort and admitting the truth. I had to learn that just admitting my faults to God was not enough because of my own rationalization. I had to learn to open up to others. I had open up to another to break my internal dishonesty and break the cycle of rationalization. I had to learn that disclosing myself to another is the only way I can be sure to see the truth about myself.
Humility - Ego Deflation; seeing the truth about myself is a way for me to begin letting God's will be done not mine. I must be able to see the truth that my will is at best limited by the human scope of my perception and at worst, outright mentally defective. I must become able to accept that God's will is greater than mine. I must get my will out of the way to access God's Power.
Freedom - from Shame, Guilt, Remorse and Isolation. Part of doing step 5 is hearing that others have done similar things as me. Hearing that others are defective also helps break my isolation and the burden of my shame, guilt, and remorse. Getting these things out in the open relieves me of the weight I have been carrying on my shoulders. This relief takes away a major trap of my addiction.
'IT'S OKAY TO BE ME'
Time after time newcomers have tried to keep to themselves certain facts about their lives. . . . they have turned to easier methods. . . . But they had not learned enough humility. . . . ALCOHOLICS ANONYMOUS, pp. 72-73