I reckon they’re doing ok:
“German Tour Magazin has aero tested a bunch of new generation aero road bikes and applied the results to a hilly course model. Blue bars are stock wheels, black are Zipp 404 Firestrike (so use the black to compare bikes). Nice to see the uncomplicated (for an aero bike) Cervelo S5 remains at the top compared to all the super integrated models with proprietary brakes and bars.”
https://www.facebook.com/speedtheorynz/?fref=nf see the first post for a graphic - couldn’t work out how to post a picture here.
But the trek is indeed, at the top, and then felt.I don’t know about the Felt, but doesn’t the new Madone have integration that the S5 doesn’t have? I think that’s really the point of the article/post 
On the flip side, if you modeled that same course, while in a peloton, you probably would have very little difference between any of the bikes, including a traditional round tube that is mentioned.You’re probably quite right, but personally I don’t ride in pelotons that often and a lot of my training is done on my own. There are some races that I compete in but triathlon is my main sport so something like as S5 would be perfect - or maybe the R5 for a bit of weight saving for my hill repeats
I suppose what I was trying to get at is that Cervelo are still making good products which are up there with the latest and greatest being put out by Specialised etc.