I'm having the same problem as many people that just got upgrade 5. That models are black or just not showing. Appearently it all has to do with directx 9.0 and Nvidia chips.
I just read this on a half-life 2 forum
"Supposedly there will be problems running Half Life 2 on GeForce (most to all Nvidia graphic boards). There will be texture drop outs and bleeds in the game if you have a GeForce 1 -> GeForce FX. Valve said that that the only way to fix these graphic problems is to use ATI graphics board"
And another post in that thread said:
"After having read a few articles it looks like there is actually no way around the problem.
It appears that the problem is with directx 9 & the way some cards use it. Apparently they are gonna solve the problem later on in directx 9.1"
I can only draw the conclusion that this is what messes things up for some people with patch 5 including me, since it uses directx 9 technology.
Ofcourse, if anyone is having problems with none-textured models and other crap, and are not using a geforce card, then i don't really know what the problem is..
Otherwise we'll all just have to wait for directx 9.1
Release the farbror in you!