Ok, so to defeat Eregos with 5x Amber drakes, start by watching The Moos video: http://www.youtube.com/watch?v=3d7oYaBzUgo&hd=1

Now it doesnt go into much detail as far as macros and whatnot, so here is what I have to add to that video:

-First, I'm a button-masher. And I had to unlearn my button-mashing ways in order to get this right.
-I use a Nostromo n52 gamepad and have it programmed with 2 settings: 1 for normal use, and another strictly for Eregos. I switch it to the Eregos mode right before I engage. Do whatever you like, but thats why I have my keys setup the way I do.
-These are my macros that I have set up on each character:

Lance:
/target Ley-Guard
/cast Shock Lance
Rift:
/target Ley-Guard
/cast Temporal Rift
Time:
/cast Stop Time
DismountVehicle:
/script VehicleExit();
-Stop Time is set to a different key for each character in order to do rotations. You cannot do more than 3 Stop Times before his phase shifts, so time them right, and make them count!


-This is how I have the macros set up on each character (you can do however you want, this is just my layout):

Party1: Ctrl+1: Stop Time // 1: Lance // 2:Rift
Party2: Ctrl+2: Stop Time // 1: Lance // 2:Rift
Party3: Ctrl+3: Stop Time // 1: Rift // 2:Lance
Party4: Ctrl+4: Stop Time // 1: Rift // 2:Lance
Party5: Ctrl+5: Stop Time // 1: Rift // 2:Lance

-As soon as I am ready to engage, I get in range and hit the first Stop Time.
-Then, I hit '1', pause for just a second and hit '2', and go back and forth, 1, 2, 1, 2, 1, 2 etc. Only let a second or two pass in between. If your timing is right, you'll be pulling great DPS.
-All the while, keep your Stop Time rotation going. As soon as the first one wears off, I hit the next one. If you keep him frozen for 3 Stop Times and keep up your DPS rotation, he should do his Phase Shift without summoning any drakes (if he does that, its almost a guaranteed wipe). And once the phase shift is over, you can hit him with 3 more Stop Times. You'll always have 2 phase shifts, but if done right, he'll die right after the 2nd.

Questions?