In your scenario, you would get 5 pieces of gear total.
Which is 0 benefit to multiboxing it Except if you have different armor types, you could gain those transmog items.
If you skip to the 5 min. to 20 min. range of this video, you'll see what it looks like multiboxing an entire dungeon together in their own instance.
https://www.twitch.tv/videos/523384079
The benefit here (while it can be more complicated) is your getting a massive amount of loot (while its not shared) and for things such as mounts and similar, you increase your chance by quite a bit.
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