I guess I don't really understand the push for a large time jump. I've been thinking about it quite a lot the last couple days and I feel like I could do three years. My biggest problem is with Scyld's development (and if I'm honest, the way his relationship was progressing with Rowenna) - that's something that's not going to remain stagnant for an incredibly lengthy amount of time, but I also can't write that development independently since it depends on another character's writer. To get to three years, I'm probably going to write in that he left for a while (and I have an idea to work that in), but five years is a long time. In some ways at least I think Scyld is on his way to being a very different person but I can't just gloss over that and skip to the end without it feeling totally contrived.
lmp, thoughts from Rowenna's side? Though maybe I should ask first whether you are also interested in continuing writing Rowenna's character?
I like the general plot points
Nogrod outlined, though I think it could easily be compressed to a shorter time frame (if anyone else is with me... if everyone else really wants to jump five years I guess I'm outnumbered).
My thought is, if we're starting up new characters and some new general plotlines anyway, it shouldn't matter to new writers how far along we move the timeline. And for those of you arguing for a longer jump with existing characters, I would be interested in knowing why you want to move them so far forward - do you feel they were a bit stagnant where they were? Then I'd suggest introducing some event in their life that changes or pushes them in new directions - and it doesn't necessarily have to be a long time from now. Though I do understand the desire of those with children characters to grow them up a bit.
I won't belabor my point, but you can consider my vote as
++3 year shift 