Hopefully, I can help here...
I have been in email conversation with Dave Lee for the last 2 years. I have also seen the lines and the actual Banshee and E5 hulls.
1) The water planes for the 2 hulls are very similar - ie they both have very fine bows and wedge shaped water planes. They look tiny when viewed from ahead compared with any existing Cherub (even the Bieker).
This should make the boats less prone to deceleration (and the attendant nose dive / cartwheel) when the bows go into a wave. The wave drag will also be reduced improving high speed displacement sailing.
2) Hull sections.
The E5 and Banshee have achieved their waterplane shapes in very different ways. On the E5, the chines are low and narrow. This
produces a hull with comparatively low dead rise and panel curve. The Banshee's chines are wider at mid length and forward, but a lot higher. The hull has higher dead rise and a lot of panel curve at mid length.
Both boats have scoop type rocker lines with most of the curvature forward and flat aft of the case. The E5 has around 35mm rocker (similar to a Slug), whereas the Banshee has 53mm of rocker.
So what should this do?
The Banshee will probably have a lower wetted surface and a lower Cp (prismatic coeff). These factors should give it an advantage at boat speeds of <3kts.
The immersed chines on the E5 theoretically increase displacement drag due to flow separation at the chine at displacement speeds. I think this is a small factor though - the P7 isn't exactly slow in light winds!
Between boat speeds of around 3 - 7 knots, the boats should be fairly similar.
From 7-15 ish knots (if the water is flat) the E5 should have the advantage due to its flatter rocker, sharp release edges and lower panel curve.
Above these sorts of speeds, it's all about control. In really rough conditions, the Banshee should be easier to sail.
So the Banshee is a more all round boat (as David Lee has stated). It is somewhere between the Bieker and the E5. The E5 design brief was to excel in the 6 - 16kt wind range, and that's where the design emphasis has been placed.
I would agree entirely with Daryl's et als comments on the stick wagglers. I would suggest that the things that most affect performance, in rank order, are:
1) The crew
2) The rig
3) The fittings - the boat must work
4) The hull
5) The foils
It will be really interesting to see these two boats on the water and I think it is great for the class that there are now some new designs available from builders.