I would stick with the retangular coolers, espeically for a recirculating system. A standard 48 - 50 quart cooler is perfect for the 5 gallon batch, even a 5 gallon batch of a high gravity beer. If you plan on graduating to 10 gallon batches later on, you can still use the 48 - 50 quart cooler, it just gets REALLY full and you are definitely limited to beers around 1.055 or so.
Just a couple of months ago, I was in the market for new mash tun. I had been using a 48 qt Igloo but I wanted to be able to do 10 gallons without filling the thing right to the brim. I lucked out and found a 60 qt Igloo at Sears. I had never seen standard coolers in this size before and after I bought it, I tried to find it on the Igloo website and couldn't find it listed there. It could have been a special for Sears only. It's a little late in the year to find a good selection, but keep your eyes open, you never know what you might run across.
Prosit!