Sent an e-mail to Alter Ego Software (creator's of Metacreator) and answered my own question. They are going to provide ArM5 Support but don't have the schedule worked out yet (at least for public release).
Fantastic. Thanks for finding out. I've wondered that for a while.
I only hope it is sooner rather than later. I do all my character book-keeping in metacreator and it would be nice to be able to use it to translate the characters up from four to five.
Say you don't know how to add a new house do you? I tried adding one last night using the example in the manual and it didn't show up as an option for creating a character.
We have communicated with Alter Ego Software about doing an updated ArM5 version of Metacreator. I expect it will happen, but I can't promise it 100% or give you an ETA at this point.