Hi Fily,
We are already using Cobol 5 at our site.
I'd affirm Stuart to go for Cobol 5.2, if possible.
IBM talks about around 5 times ( equals to + 400% additional) cpu consumption for compile. The effective increase - as always - depends from the code to be compiled. If you notice significant differences to this IBM's rule of thumb, you could consider to report it to IBM as a pmr.
If you compare, take into account that Cobol 4 option OPT(FULL) corresponds to Cobol 5 OPT(1) STGOPT. Cobol 5 OPT(2) does additional optimizations.
We do not yet have data about (desirable) savings or increase in Cobol runtime.
Josef