Welp... FedEx guy left a bit ago and I got my 5K all hooked up to my 2016 TB 13" model and working.
I think maybe I have a bad cable. It works fine, but if you even so much as breath on the cable on the monitor end, the connection drops. I was attaching a drive to the USB-C port, and barely touched the main USB-C cable and the connection dropped, then came back. I think I'll call LG for a new cable.
I have done several reboots and sleep/wake tests and on one of the reboot tests the monitor was not detected. Maybe related to the wonky cable?
I see no lag at all in Launchpad or Mission Control or any other usage. The quality of text on web pages is really impressive. It reminds me of the jump from my old MacBook Air to my previous rMBP.
One surprising test I did though. I have a Samsung EVO 850 SSD in
this Inatech USB3 enclosure I use for CCC clones. With the drive attached directly to the MBP, using Blackmagic, I get 390W/400R. The same test with the drive attached to a USB-C port on the LG I get 240W/320R. So the predictions that the TB3 bus would be saturated and drop these ports to USB2 speeds were incorrect. It is a little slower than the direct connection to the MacBook, but around 4X faster than the theoretical 60MBps speeds of USB2.
Facetime video test seems okay. The speakers are just okay... not great. Obviously, for music one would want some nice external speakers, but for my purposes the speakers are fine. I'd say the sound quality is a little worse than my Apple Thunderbolt Display, but not by a lot.
Any other tests anybody would like me to try, please let me know.