1 step forward, 2 steps back. That's my opinion on Tropico 5. I like the eras concept, but the dynasty thing and the lack of customization was horrendous. Also the huge buildings, occupying big chunks of space, not warning you that you will spend your campaign on only two islands and that you should plan accordingly.
Tropico 4 over Tropico 3 - gameplay wise, definitely an improvement. But...there is the proverbial "but", the Penultimo's comments are not as fun, Juanito is gone and overall Tropico 4 is not as funny as Tropico 3 (and Tropico 5 wenrt further, losing the whole voice acting cast, replacing it with new "talents" that can't be up to the task). Thing is, Tropico 4 is quite fine as a game and really an improvement in the gameplay mechanics area. From that particular point of view, T4 is definitely the better game, with a customization that will actually impact the game and a lot of new stuff.
So if you have to choose between Tropico 4 and 5 or if money are tight and you can't get them both, get Tropico 4. If you can afford, get the T5, to see some nice ideas squandered.
Thus being said, i will leave you in the company of Lucho Campillo and Daniel Indart and the memory of one of the most beautiful soundtrack ever made for a city builder game;)
https://www.youtube.com/watch?v=VmtQgW1H7-s