I used to play GURPS Traveller before Star Hero was introduced. I like GURPS but I think it sometimes gets bogged down and becomes too techie. I am very please with my current Terran Empire campaign.
As far as the difference between 5th and earlier editions, it really depends on what edition you are talking about. 5th and 4th edition are 85% compatable. The ratio is much worse for 3rd and 1st & 2nd edition. If you were playing 4th edition though you should have no problem catching on to 5th.
You will need FREd. Star Hero is probably the best genre book published to date, and if you are really serious about playing a scifi game you cannot pass that up. I am playing in an Terran Empire campaign right now. I really enjoy that world. It is very Travelleresque but also has a Star Wars, B5, and Farscape feel to it too. It is a very fun campaign world. If you are not wanting to take the effort of creating everything from scratch I would pick that up. There will also be a Spacer's Toolkit coming sometime at the end of this month. It is full of gadgets, weapons, vehicles, and spaceships. It is a real plus to cut down on your workload.
I hope that helps some. You can read about my game in the Star Hero forum under "Tales of the Fearless Coward." I also have our ship's writeup there. It might give you some basic idea of what TE is like at any event.
Monolith, the Living Titan
"The HERO System is not designed to represent real life. The game is designed to represent heroic fiction as presented in comics, novels, television, and movies."
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