On the N1KV with vPC-HM it will use both connections for uplink. So it is active/active on the N1KV. We support something like 14 load balancing algorithms on the N1KV with vPC-HM.
If you have one N5K than yes you would run etherchannel. If you have multiple N5Ks I'm not sure how the hardware vPC on the N5K is going to integrate with vPC-HM on the N1KV.
I'll try and find out more info on what they plan to do.
louis