I'm not completely sure about whether there will be a Season 5, but tvtome.com appears to believe that there will be. They have the first episode title and one spoiler on this new episode posted. So, without further delay:

SPOILER ALERT SPOILER ALERT SPOILER ALERT SPOILER ALERT SPOILER ALERT SPOILER ALERT
The possible spoiler is in white, so highlight it if you want to see it.

According to tvtome.com, James Marsters is going to replace Vincent Kartheiser. Connor will go and Spike will stay. I'm not sure how accurate this is, I just read it.

God, I hope so...

In case you didn't see Richie's comment on the Home board, Variety and aint-it-cool-news.com reports that Angel has been renewed for a 5th season by the WB. It will be on the same time on the same night. Charisma Carpenter will not return as a regular but James Marsters will join the cast as Spike. Smallville will be its new lead-in.

So in other words they're moving Smallville from Tuesdays to Wednesdays.
Any news if Alyson Hannigan might show up as well as James Marsters?
I guess it was inevitable,what with Cordie in the coma and all,that Charisma would get written out
of the cast at least as a regular.
I wonder what Spike's roll might be.
Overall the WB has pounded rival UPN this season in the ratings war.
Though I wonder if they took into consideration stations that switched affliation from UPN to
theWB.

Scott: It's pretty much been that way since the WB decided to appeal to the youth market. That's why you'll get mostly family friendly programing, along with some teenager stuff on the WB. UPN is also now owned by Viacom, so how much are it's corporate masters willing to invest in the Star Trek Network when CBS is alive and healthy?

Yes, there's gonna be a Season 5 of Angel. A good site to go to, in case anyone's unaware of it, is Whedonesque.com. This is their Angel board.

Joss Whedon had a inerview with Tv Guide Online and one of the first questions they asked him was how was Spike going to make a come back since he was killed off in the Buffy finale.His reply basically was he had to get the writers working hard on it,with the statement that he didn't want Spike's return to in any way degrade or detract from the sacrifice that he made at the end.
On an unrelated to Angel topic he also revealed that Anya's death was by mutual agreement with
Emma Caulfield,who although she rather enjoyed working on Buffy and with the cast and crew seems to have problems with either the studio or network.
(I can't remember which one it was.)
I also remember reading,either in the interview or at another site that Wolfram And Hart will try over the course of season 5 to corrupt our heroes and one or more of them might in fact be seduced
by their new situation.
Also both Buffy and Willow MIGHT make guest appearances.
And finally,Eliza Dushku's new series Tru Calling
will air on FOX Thrusdays at 8:00.

Another question about season 5 is Stephanie
Romanov going to become more of a regular replacing Charisma Carpenter?
We do know that James Marsters is going to become a member of the regular cast but are there any other moves within the cast that haven't been made public as yet?
I think having Lilah as a regular would make sense
since she represents Wolfram & Hart.I could see her as being the liason between Angel and the firm.I also could see her role as being the resident baddie who tries to corrupt Angel.

I've heard that Romanov is not planned to appear this season.

www.tvtome.com is saying that Harmony will be Angel's secretary and that the liason between Angel and the senior partners will be a young woman named Eve. And Spike won't show up until the second ep.

So, the fifth season is here. Time for a Season 5 boare, eh?