I have a homemade 5gal, and I'd strongly recommend a 10-gal. With 5gal, you're limited to just about 13lbs of grain (at 1.25qt/lb), which is fine for up to about 1.065, but not enough space to do any of the Imperial or high-gravity beers without supplementation from extract.
The challenges you'll face with the larger 10-gal MLT size are mainly temperature. With a 5gal MLT full of grain (about 10.5lbs), I've been losing just 1 degree over a 60 minute conversion when I pre-heat the MLT. I did a smaller partial mash (6lbs) last weekend, and lost 4 degrees over a 30minute conversion, due to the smaller mass of grain. So just be aware that you'll have that same issue with a 10-gal MLT.