Vaccines are one of those tricky things. LOTS of vets over-vaccinate. But of course you do not want to under-vaccinate either.
I like to follow the basic protocol of Dr. Dodd's (you can google it). I definitely believe in puppy vaccinations (somewhere around 8 weeks, 12 weeks and 16 weeks or so). Then you usually have to get the rabies vaccine before 6 months old. Then at one year old get a booster of the DHP and rabies (preferably, on separate days).
Also remember, over-vaccination is not just some internet mumbo jumbo talk. Some of the worlds leading researchers of vaccines have provided us with information that should definitely be thoroughly discussed as a pet owner. There have been studies that have proven vaccines to work as long as
9+ years. Slowly, some vets are changing to every 5 years (from the current 3 year recommendation). But it's a very slow process. Some vets (that are IMO unethical) still recommend yearly vaccines. Which is completely unacceptable.
Some good links:
Science of Vaccine Damage Bordetella Vaccination for Dogs: Fraud and Fallacy | Dogs Naturally Magazine
As far as the non-core vaccines that have to be given yearly in order to be "effective" (lyme, flu, etc), Lyme disease in the dog is an infection for which over 90% of infected dogs will never get sick and the 5% to 10% that do get sick can be easily treated with a safe inexpensive course of antibiotics. This situation would seem to indicate that vaccination is simply not worth the expense.
There is also talk that kidney disease can occur in some individuals with long-term antigen exposure, in which case vaccination might be just as hazardous as actual infection.
What is included in the 5 way shot your vet is speaking of? I'd definitely skip lepto (my dog had a VERY bad reaction at 12 weeks to said vaccine). It's known to cause reactions in little dogs. Depending on your area, it's unlikely to cause a problem anyway. Usually it's DHLPP. I just do DHP (distemper, hepatitis, parvo) from here on out.
Sorry if this is confusing!