I also admit I went “oh man, only 5 minutes?!” when I first read your post! I think it’s a great way to get them workshopping their ideas, though, especially to get more of a low-stakes presentation feel over a general class discussion about their progress. We do a digital pedagogy lightning talk series here at UM by graduate students and professors with a time limit of 8 minutes, followed by rotating 10 minute breakout sessions in small groups at the end. It’s been a really great format to get just enough information across. Great to know it’s working out for the classroom too!