Russia Today has a story and a video on the new 5th generation AK which is called the AK-12. The first thing I noticed immediately is that it has a much longer sight radius than the earlier versions.
From the Russia Today story:
The Kalashnikov makers claim its has better range, increased fire dispersion, better ergonomics, usability and a potential for configuration changes.
The new weapon is as reliable as the AK-74, the Izmash factory CEO Maksim Kuzyuk says, but the dynamic characteristics differ significantly. It considerably increases the accuracy of shooting. The rifle is capable of firing in three modes: single shot, three shots and automatic fire mode.
Also, AK-12 is capable of using magazines of various types and capacity.
The basic feature of the new rifle is its modularity. It will serve as a basic platform for designing of over 20 modifications of small-arms weapons of various purpose and calibre.
AK-12’s composition allows operating it single-handedly, and can be converted for left or right handed use.
The rifle can accommodate night vision and Holo-sights, target indicator, or a light grenade launcher.
The AK-12 is undergoing firing tests in extreme conditions which should be completed by the end of the year. The Russian Ministry of Interior has already agreed to test the AK-12 in its special police units after official certification of the weapon.
Steve at The Firearm Blog has some more comments on this new AK.