I think a tiny little performance increase comes from the lighter nose in the -5. extra cannon + 50 more rounds in the -7. The -7 turns very marginally better if you take a 2 gun version. I could be totally wrong, and somebody please correct me if I am, but with less weight, you should have lower wingloading, giving better overall turn performance... even if it's very, very slight.
ahh, I just tought of my second theory, the placebo effect. When I first started playing, I rolled in on somebody and they started their break. I didn't know the planes well at all and he was about to get away. My wingman (Swarm) yelled across the room "WTF?! YOU CAN TURN WITH HIM!". So I did, and got the kill.

Seems silly, but if you tell somebody the plane can do something, they'll do their best to get it done.