Personally, I think the 1.5 (if wired 220 with sharp blade)
is quite sufficient, but if your wanting to buy bigger, here are
some things to think about.
How heavy is the 5HP unit. Where are you putting it? A
five HP motor is very heavy by itself.
The power requirements for the 5HP unit are higher
and you may or may not have the wiring to support it.
Even the plugs and wire from the box will add to the expense.
5HP means that kick back is just that much stronger.
Usually 5HP models have other features beyond just the
increased HP. Different switches, soloniods, brackets etc.
Lots of people use 1.5 HP contractors saws working with the
size wood you are talking about and are successful. 3HP (which
is 220 by definition) is definitely enough. The extra HP just
means you can increase your feed rate. If you in a big hurry,
or cutting miles of wood, the go for the 5HP.
By the way, I assume when you are talking about HP, you
are not talking about Sears HP (AKA "develops 1.5 HP"), but
real HP. That is, you 1.5 HP motor is drawing 15amps at 120
volts or about 8 amps at 220. Sears and others like to claim
higher HP in their ads.
Cliff