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Honestly, I think it depends.
Are your 5 sites linking to each other? With the same anchor text? Do they have duplicate content? If that's the case, then it's likely not OK.
In my case, I have 60 add on domains, interlinked, with the same anchor text and duplicated content. I also have a killer penguin on my trail 
SEOMOZ inspired me to try to build links pre-launch by making an amazing pre-launch product.
Check it out guys: http://vitamob.com
My team and I are very proud of this one. We put a ton of effort into making this remarkable "splash" page to build up hype before our launch.
It was inspired by a story we read on the SEOMOZ blog.
What has SEOMOZ inspired you to do?
Hi Nick,
I was actually asking for a tool that would scan for this on the fly.
I know that Xenu finds broken links & a total link summary, but I need to be able to differentiate nofollowed external links with external links. Does something like this exist?