Don't have either but if iI had the choice, I would go for the T5. It runs a lot cooler then the PalmBlaze(which will get hot enough so you can't hold it) and has a more useful flood beam. It also uses one less battery and has a low mode. But it is also twice the cost.
The Amilite T5 is supposed to be a great light but is more than I want to pay.I don't have the Palmblaze either, I was going to get it but bought the INOVA T1 (2007 model) instead.The T1 is similar using two batteries and a K2 luxeon with a more conventional beam.The new T1 is much brighter than the old one and no longer uses the TIROS.The Palmblaze and INOVA T1 are both available at Batteryjunction for about the same price.