Regardless, I'd wait a bit.
AS 5 is a EE5 server, AS 7.1 is a EE6 server (and EE6 spec came out in 2009). So that's alot of work for an excellent new runtime environment, but it won't give you any hot architectural possibilities.
The WildFly 8.0.0.CR1 is already due and that's EE7 server bringing you a bunch of new interesting developing possibilitites, like WebSockets and JAX-RS 2.0 (http://www.slideshare.net/dandreadis/2013-11devoxxwild-flybof). New admin features like Single Instance Patching. And it's not sure that AS7-to-WildFly8 will be a super-easy migration since som major new stuff is introduced, like Undertow instead of JBossWeb/Tomcat.
If you gotta go, you gotta go - and if U wind down the dead 7.x path, don't forget to get your hands on the much improved 7.2.0.Final tag (several hundred issues better that 7.1.1). But if you think you can start developing/migrating now using Beta/CR releases and wait some months for a nice production-stable WildFly 8.x.x release, you might be able to sit tight longer before next major update.
br,
Jens