Nailed it. As I stated, I "found a way" and I didn't elaborate on that point as it wasn't necessary to my post - in fact I deleted much of it as it was unnecessarily verbose. But yes, they are running in 5120x2880 which is a requirement for some of the work I do. I simply did not expound on that topic.
I am glad you are getting full use of your 5K displays. Many people in the past have incorrectly thought they were getting 5K but were in fact only connected using a 4K signal because nowhere in the macOS UI does it show the actual output signal resolution and pixel format. I thought it may be a possibility in this case since you did not state which method you used to connect the displays. I would like to know which method you used (as a kind of statistical data point) especially if the method is not one of the ones I listed.
As to your other point re: hard drives being cheap. I've been using OS X since Cheetah and worked with Bertrand Serlet on 10.4 - 10.6. I don't know why the snark but yes drives are cheap - I have server racks and numerous arrays with some running in RAID 10 and numerous Thunderbolt 3 and 2 arrays with WD Red and Red Pro drives. Doesn't change the fact Big Sur is not compatible with LG's only app to control their displays. Having to run another OS simply to regulate a display is not an elegant solution for a $399 monitor let alone a $1299 monitor.
I thought the LG app is only useful in updating firmware which is something that rarely needs to be done with a display. Even if there's a firmware update, if you're not experiencing a problem then there's probably little reason to apply the update (the "if it ain't broke then don't fix it" proverb). Since the app doesn't work in Big Sur, I offered the only solution possible - which is to have an older macOS available for when you want to check for a firmware update. Does the app have other uses? I hope the fact that the firmware updater doesn't work with the latest macOS is not the only reason to replace three otherwise perfectly functional displays. That's where your questions come in.
You didn't answer a single question of my main point and instead tried to "educate" me. Please stay on topic and be of use, don't attempt to grandstand. It truly is not necessary.
The questions were subjective or involved things I have little experience with. I don't know what you know and you don't know what I know, so I type what I know and if it's already known to you it still may be unknown to others. And if it's wrong then I hope someone will correct it. And if it's incomplete then I hope someone will add to it. So I hope somebody, me, you, or someone else will learn something from the exchange. Anyway, consider my first post an attempt to get a better understanding of the situation.
Here's some answers/comments about your questions (maybe not very useful which is why I didn't try the first time):
As these are first gen my warranty is up and LG is "offering" to extend them for 3 more years at $409USD each. I have until the end of the month to decide. All three would put me at the cost of a new LG 5K.
$409 each seems steep. If you don't get the warranty, the displays will probably still work beyond the end of the month. If one breaks, then you have an excuse to get a new one.
I'm wondering if anyone has insight on differences between the first gen (27MD5KA) and current model (27MD5KLB-B) - aside from them being $100 less now.
Edit: I found this comparison page. Interesting to note it states they are 10 bit (8 bits + FRC) - which isn't true 10 bit thus 1073741824 colors in 30 bits is a frame rate control technique to virtually display the same number of colors as a 10-bit monitor (a bit "shady" of LG). The 2019 models have 94W Thunderbolt 3 connectivity but beyond that I'm not seeing a big difference. It does list incorrect info - both models have microphones with the camera's and it has a matte finish, not glossy. Not sure how accurate this comparison may be:
Comparison between: 27" LG 27MD5KL, 27" LG 27MD5KA
www.displayspecifications.com
I think the most important difference is that the new model supports USB-C input (4K max) for computers or game consoles or whatever that don't support Thunderbolt. But that doesn't matter if you have a method to output Thunderbolt 3 to the display for 5K.
I have been able to get all 3 to run in 5K HiDPI off my trashcan 12-Core Mac Pro with dual D700's.
If you're using the D700's to do three 5K displays, then you must be using an external Thunderbolt 3 controller (three total) to convert dual DisplayPort to 5K over Thunderbolt 3. For three displays, that would use up all your Thunderbolt 2 ports. That's not a problem since the DisplayPort connection can be made at the end of a Thunderbolt chain (up to 6 devices for each port).
I've spent the past few hours reading this thread and from what I've gathered there aren't many 5K displays that work with Mac's on the market.
I think they all work with some Macs to some degree. There are issues for some Macs. Like the > 4096 width problem with the old AMD graphics like the D700's that I mentioned. Which is different than the > 4096 width problem with Intel graphics (pre Ice Lake).
Interestingly, Apple's site doesn't list the Mac Pro (2013 or 2019) as a listed device. Course with a Thunderbolt 3 to Mini-DisplayPort adapter it runs perfectly on my 2013/2014 Mac Pro and the 2019 Mac Pro's have Thunderbolt 3 connections.
Yes, the LG UltraFine 5K product page doesn't mention Mac Pro but does mention Thunderbolt 3 Macs. Maybe the Mac Pro 2019 is not listed because it is new (but the product page mentions 2020 Mac models...) or maybe because the Mac Pro 2019 can support it only in combination with a MPX module (but you can't get a Mac Pro 2019 without an MPX module?).
Maybe the Mac Pro 2013 is not listed because it is Thunderbolt 2 and can therefore only output 4K through the Thunderbolt 3 to Thunderbolt 2 adapter.
Maybe you're using the Thunderbolt 3 to Thunderbolt 2 adapter to connect a Thunderbolt PCIe expansion chassis that contains a Thunderbolt 3 add-in card to convert two DisplayPort connections to Thunderbolt 3. Or maybe you're using the Thunderbolt 3 to Thunderbolt 2 adapter to connect a Thunderbolt 3 add-in card that has been flashed to replace its Thunderbolt host firmware with Thunderbolt peripheral firmware to make it act like one of those Blackmagic or Sonnet eGPUs.
Haven't updated to Big Sur - running 10.5.7. As a developer I used Big Sur on my MacBook Pro but never thought to attach one of my 5K's to it and have read some are experiencing issues with Big Sur on both Intel and M1 Mac's.
Big Sur has problems. There are some strange display behaviours on Intel and M1 Macs (sleep/wake, pixels shifted horizontally or vertically, ...). It doesn't support DSC for many displays and DisplayPort 1.4 MST hubs (Catalina does support DSC).
No matter what I'll be running these off a Mac Pro. Should I update my displays as well given their age and warranty or are the new models roughly the same in specs and quality?
I don't remember reading about image quality differences between the old and new LG UltraFine 5K displays so I would continue using the old ones. Displays usually last a long time. I'm still using an Apple 30" Cinema Display from 2005 ($2549). Bought it with a PowerMac G5 ($3535). The display is a little bit yellow compared to modern displays but I like the size.
I'm not a fan of LG's app and I read it's not even Big Sur compatible which would make future firmware updates problematic and one of many reasons I haven't updated to Big Sur. The other issue is lack of HDR10.
My thoughts on firmware update are above. For HDR10 - if you need it then you need a different display. Only the XDR has the same or more pixels than the LG UltraFine 5K and supports HDR but it's way too expensive. Everyone else makes displays that have fewer pixels and that are not Retina. 4K looks okay even with the resolutions that you would use on a 5K or 6K. macOS doesn't do 8K or it's not fully baked (people have done 4K HiDPI with 8K 30Hz at least - probably too many pixels for what you need it for).