Pretty much... 5x Balance/Resto, with a lot more points into Balance is the primary spec.
Three of the druids would have this as their only spec.
I say three, assuming a full 5 box group.

One of the druids would also be a Bear tank.
One of the druids would also be a Resto tree.

There are a lot of situations where you don't need a tank or dedicated healer.
In these situations, 5x the dps is preferable.
Dailies and Battlegrounds will be much smoother.
In other cases, heroics for example, a tank and a dedicated tree healer will make the experience much easier.

Because of dual spec's, it is not an either / or choice.
You can have the best of both worlds.
Go with Ugh's advice on a tank/healer and 3x dps for heroics, it is so much easier.
But have the option for 2x druids dps extra, when you don't need the survivability.